Hive Technologies raises $30 million
Hive Technologies, the startup on a mission to bring EVs to the masses, has raised $30 million in new funding from iSun, Galway Sustainable Capital, Los Angeles Cleantech Incubator’s Impact Fund, LACI as well as strategic individuals from the renewables and real estate sectors.
Founded in 2020 and formerly known as Gemini, Hive Technologies offers a full-stack solution from financing to charging to maintenance in an attempt to increase the adoption of EVs. The startup is currently targeting gig drivers, offering a weekly or monthly membership that includes different features.
Hive Technologies also promotes State Farm insurance to rideshare drivers.
“Adoption follows price. Hive opens up access to EVs as a more affordable option by lowering the average income required to get financing for an EV by nearly 40 percent. In Hive’s model, the vehicle is the ‘razor,’ and energy services are the ‘razor blades’ that Hive will supply over the long operational life of each EV. By lowering barriers to EV adoption for those who drive the most we unleash a flywheel effect that increases overall demand for EVs alongside both network density and utilization, solving the adoption challenges that have held back EVs and fully renewable EV charging to date.” – Mathias Thomsen, co-founder and CEO, Hive.
“Transitioning drivers to EVs is a critical part of any net zero plan. We are excited to work with Hive in rolling out an innovative, flexible, and convenient solution for high mileage drivers starting with those participating in the gig economy. Galway’s capital will be used for both acquiring vehicles as well as corporate equity as Hive looks towards significant growth in 2022. Hive is taking a clean sheet approach to a massive market opportunity that is still in the early stages of a sea change; we have high conviction and look forward to being long-term partners.” – Trent Yang, President and co-founder, Galway Sustainable Capital.
“The realization of the long-promised climate benefit of EVs is dependent on getting more drivers on a path to EV ownership. Most EVs today are driven by affluent consumers who charge at home. A multi-dimensional solution is needed to ensure ownership can be achieved more quickly and through a mileage-based model, which is what we’ve developed at Hive. Our clean sheet model ensures rapid EV adoption and the viability of renewable energy services as EVs go mainstream. We look forward to working with automobile manufacturers to deliver this higher ROICO2 for their EVs, auto finance and traditional car rental companies to open up utilization opportunities for new and off-lease EVs, and with forward thinking site hosts to pioneer the installation of our modular, scalable, and easy-to-deploy renewable energy hubs.” – Boyd Bishop, co-founder and COO, Hive.
