- Now has $415 million of investable capital to drive transition to electric vehicles among fleets
- Adds two leaders with deep experience in technology and fleet to management team
WASHINGTON, May 18, 2022 (GLOBE NEWSWIRE) -- Inspiration Mobility (Inspiration), the world’s first sustainable infrastructure platform exclusively dedicated to accelerating the electrification of transportation, has secured an additional $215 million of capital from new strategic partners Macquarie Asset Management and global infrastructure company Ferrovial, S.A. joining existing lead investor ArcLight Capital Partners, LLC (together, with its affiliates, “ArcLight”). The new funding brings the total investable capital raised to date to $415 million, enabling the company to accelerate its work electrifying commercial fleets. The company also announced the appointment of two senior leaders to the management team.
“Now more than ever, fleets need a fully integrated partner to help ease their transition to electric. The combination of our team, our operating structure and available capital offers a single, integrated solution for fleets looking to overcome the costs and complexities of electrification,” said Josh Green, Founder & CEO of Inspiration. “This new capital will enable us to accelerate the transition to clean, electric fleets that reduce costs for our customers while playing a major role in reducing greenhouse gas emissions.”
Far more than 3.5 million light duty vehicles in the U.S. today are operated by only 600-700 fleet owners. These fleet vehicles account for about 158 billion miles driven and about 142 billion pounds (or 64.5 million metric tons) of carbon dioxide per year. Converting these vehicles to EVs represents an immediate and significant opportunity both for operators (lower cost of ownership) and the environment (dramatic reduction in emissions).
In addition to closing on the new capital, Inspiration recently added two new leaders to its senior management team. Gary Gadsden joins as Senior Vice President and Head of Fleet Sales. Gadsden holds more than 30 years’ experience in overall sales, with more than 20 specifically in fleet sales, financing and account management with industry leaders GE Capital, Element Fleet Management and FedEx, including originating over $3 billion in lease volume across 15 unique clients (three of which were Fortune 10 companies) and signing fleets representing 250,000 vehicles and 500,000 service adds.
Gadsden will lead corporate fleet sales efforts at Inspiration operating company Inspiration Fleet, the world’s first EV-only Fleet Management Company (eFMC) which finances EVs and provides fleet management services for light-duty fleet businesses. With innovative payment plans that can bundle vehicle and charging together and the ability to aggregate and manage payment across different charging environments, including central depots, public charging stations and in-home chargers, Inspiration Fleet meets customers where they are on their fleet electrification journey, enabling the rapid and cost-effective scaling of EV fleets.
“We are excited to be investing in Inspiration and partnering with them in their mission to support corporate fleet operators in reducing their carbon footprint and lowering their operating costs,” said Chris Leslie, Global Head of Sustainability at Macquarie Asset Management. “This transaction underscores our commitment to seeking investment opportunities in the next phase of energy transition - beyond core renewables like wind and solar. To achieve our ambitious Net Zero goals, we must focus on the development of sustainable infrastructure like fleet electrification, energy storage and green hydrogen.”
Chris Getner joins as Chief Technology Officer. A technologist and startup veteran, Getner brings more than 30 years’ experience in product development, technology management and innovation. A former aerospace engineer working at mission control for NASA, he’s led teams at billion-dollar technology firms, business and tech consulting firms, and been CEO and CTO of several startups. Getner will be responsible for the delivery of unique, EV-native systems and applications for fleet customers that create actionable insight from vast amounts of disparate data. He’ll also focus on the development of technology solutions across Inspiration’s platform and operating companies.
“We increasingly see a massive opportunity for electric vehicles across all sectors of our business, from charging stations to electricity transmission networks and renewable energies,” said Andres Camacho, Director of Mobility at Ferrovial. “We believe Inspiration’s comprehensive approach to advance adoption of electric vehicles will accelerate the transition to an EV future and the decarbonization of transportation, both of which are a perfect fit with our commitment to sustainable mobility.”
About Inspiration
Inspiration Mobility, LLC is the world’s first sustainable infrastructure platform exclusively dedicated to accelerating the electrification of transportation. The company invests in, owns and manages the real assets that enable the EV transition. With a team of executives with deep experience across the electrification value chain, including fleet management, clean energy, auto finance, infrastructure and real estate, Inspiration delivers comprehensive solutions to fleet businesses. The company’s first two operating businesses, Inspiration Fleet and Inspiration Energy, provide integrated solutions that reduce the cost and complexity of electrification for fleets. Inspiration is backed by leaders in finance, energy and infrastructure including ArcLight, Macquarie, and Ferrovial. More information is available at www.inspirationmobility.com.
About Macquarie Asset Management
Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage $US579 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments & renewables, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income and multi asset solutions. Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs more than 18,000 people in 33 markets and is listed on the Australian Securities Exchange.
All figures as of 31 March 2022. For more information, please visit Macquarie.com
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this press release is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this press release relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
About Ferrovial, S.A.
Ferrovial, a leading global infrastructure operator, is committed to developing sustainable solutions. It is a member of Spain's blue-chip IBEX 35 index and is also included in the Dow Jones Sustainability Index and FTSE4Good; all its operations are conducted in compliance with the principles of the UN Global Compact, which the company adopted in 2002.
