Splend has secured a senior debt facility of over USD $300 million from Macquarie Specialised and Asset Finance to expand its zero-emissions rideshare fleet in Australia and the UK.
This financial commitment is expected to double Splend's rideshare fleet to over 10,000 vehicles by 2025, focusing on zero-emission electric vehicles (EVs). In addition to the senior debt facility, there is a USD $15 million increase in Splend's corporate facility issued by MA Financial Group, previously known as Moelis Australia. This reflects a strong sense of investor confidence in Splend's business model and growth prospects.
Chris King, Splend's CEO, highlighted the impact of the new facility on the company's growth. "What sets this deal apart is its potential to transform urban mobility. With over $500 million in total financing secured to date, we've built the foundation to lead the EV transition in the rideshare industry. As operators of Australia's largest EV fleet, this latest facility empowers us to accelerate sustainable transportation's future," stated King.
King also spoke about the environmental benefits of this expansion. "The rideshare sector represents one of the fastest paths to decarbonising transport. Rideshare drivers can cover as much as 60,000 kilometres a year, so by scaling to 10,000 vehicles, we're creating an immediate, measurable impact on carbon emissions across two continents," he said.
Since the establishment of Splend, the company has raised over USD $500 million in total financing, receiving previous support from Pollen St Capital, Partners for Growth, and various fleet leasing partners. This new facility aims to support the scaling of operations and accelerate EV deployment in key markets, reinforcing Splend's standing as a prominent provider of low-emissions solutions in the rideshare industry.
Julian Liddy, Executive Director at Macquarie's SAF, expressed satisfaction at collaborating with Splend. "The electrification of the rideshare sector will play a meaningful part in the transition of global transportation towards a low-emissions future, and Macquarie's SAF team is pleased to work alongside a key innovator in the sector in Splend," stated Liddy.
Splend's commitment to sustainability received additional recognition in August when the Clean Energy Finance Corporation (CEFC) announced an additional USD $20 million investment in Splend, bringing its total funding to USD $40 million. This capital injection is intended to expand Splend's Australian fleet to over 5,000 vehicles by the end of the year, with more than 2,000 of these vehicles being zero-emission EVs.
