Future Mobility: €40 million EIB loan for Cabify to finance a zero-emission fleet of electric vehicles in Spain

The European Investment Bank (EIB) is providing the Spanish multi-mobility platform Cabify with a €40 million loan to decarbonise its fleet of vehicles in Spain, by increasing the availability of new electric vehicles and charging infrastructure across the country. The total project cost for the Spanish multi-mobility company will be €82 million. The project is financed under the Future Mobility initiative, backed by the Connecting Europe Facility (CEF).

The EIB loan will allow the roll-out of 1,400 electric vehicles (EVs) for the company's ride-hailing activity in Spain, and associated EV charging and digital infrastructure. The investment contributes to EU objectives, including - phasing out CO2 emitting cars from urban transport, promoting a modal shift to more sustainable modes to reduce congestion and pollution in cities, and the implementation of EU legislation on air quality. The project is expected to result in 9 kt CO2 emission-savings per year on average over the project assessment period as a result of replacing conventional cars operating on fossil fuels with zero tailpipe emission EVs.

Commissioner for Transport Adina Vălean said: "With this loan, we are supporting Cabify as it deploys 1,400 electric vehicles and the accompanying charging infrastructure. Every forward-looking initiative like this counts as we work towards our Sustainable and Smart Mobility Strategy milestone of having at least 30 million zero-emission cars on our roads by 2030. With this date approaching rapidly, we remain very much committed to accelerating the transition towards sustainable mobility."

Press release published by EIB