WeFlex secures £40m to fund electric vehicles for ride-hailing fleets

WeFlex has secured a £40 million debt funding facility from LCM Partners, enabling it to finance more than 1,300 new electric vehicles (EVs) for ride-hailing drivers in the UK.

Its fleet of EVs currently numbers more than 2,000, but it says that demand for zero-emission cars in the ride-hailing sector vastly exceeds supply.

Uber’s stated goal of achieving a fully electric fleet in London of 55,000 drivers by the end of 2025, for instance, is reliant on there being sufficient vehicle stock for its drivers to purchase.

Nicko Williamson, founder and CEO of WeFlex, explained: “To hit zero carbon targets, Britain needs more electric vehicles and ride-hailing drivers, who cover millions of miles a year with their passengers. 

“Drivers need to have access to a range of affordable EVs as well as flexible finance suited to their self-employed businesses. 

“We’ll be able to provide much more on both fronts, thanks to the new £40m debt facility we have agreed with LCM Partners.

“Their significant investment represents a strong commitment to WeFlex and belief in our mission to get thousands more brilliant EVs onto the roads.”

WeFlex works closely with Uber and is one of a select few companies where Uber drivers can spend their Uber 'Clean Air Plan' funds.

Williamson continued: “WeFlex is accelerating fast towards our goal of becoming the UK’s biggest provider of EVs to the ride-hailing market and we are working closely with LCM Partners to extend this facility significantly to add thousands more vehicles to our fleet over the coming years.”

Graeme Laing, head of asset finance at LCM Partners, explained that WeFlex is the kind of forward-thinking, environmentally focussed business it chooses to partner with.  

“We look forward to combining our respective expertise to help WeFlex attain their objective to lead the way in providing EVs to the ride-hailing community,” he said.