Hertz invests in EV rentals

Vehicle rental firm Hertz is expanding its global EV commitment with investment in UFODrive, a leading self-service EV rental company and e-mobility service provider in Europe.

UFODrive has raised US$19 million in Series A funding, co-led by Hertz and Certares, in partnership with Knighthead Capital, along with participation from existing shareholders.

Reported to be the first all-digital, all-electric car rental service controlled from an app, UFODrive’s advanced e-mobility software as a service (SaaS) platform makes transitioning to electric easy for both customers and fleet providers, delivering a two-minute ‘arrive and drive’ entirely digital EV customer experience.

UFODrive says that leads to lean operations, lower energy costs, better charging and optimal fleet utilisation using advanced artificial intelligence (AI) tools.

The partnership builds on Hertz’s announcement in October 2021 that the company is investing in EVs – with a commitment to offer the largest EV rental fleet in North America and to grow its EV fleet globally.

Also in October, the company announced an exclusive partnership with Uber to make Tesla EVs available for drivers to rent when using the Uber network.

Hertz strategy senior vice president Jayesh Patel and Certares venture lead Chantal Noble Haldorsen will join the UFODrive board.

“Together, we will pilot ways to make renting an EV even easier using UFODrive’s digital platforms for both the rental experience and fleet management,” Hertz interim chief executive Mark Fields says.

“For customers, this partnership will help us create the future rental car experience that is all-digital and EV-centric.”

UFODrive chief executive Aidan McClean says it pioneered and is now the premier operating system for electric fleets and already service a growing list of high-profile mobility companies.

Hertz will deploy UFODrive’s digital rental and fleet management technology to enhance its global EV fleet operations, starting with key partners in the US and Europe.

The additional capital will be used by UFODrive to accelerate product development and expand globally.

The Hertz Corporation, a subsidiary of Hertz Global Holdings, operates the Hertz, Dollar and Thrifty vehicle rental brands throughout North America, Europe, the Caribbean, Latin American, Africa, the Middle East, Asia, Australia and New Zealand.

Additionally, The Hertz Corporation operates the Firefly Car Rental, Ace Rental Cars and Hertz 24/7 in select markets as well as the Flexicar car sharing business in New Zealand and Australia.