Kite Mobility secures $3.5M in capital, to accelerate growth and continue leading the private electric vehicle rideshare market

TORONTO, Aug. 29, 2023 /CNW/ - Kite Mobility's 3rd seed round will help accelerate rapid growth across Canada. In addition to a follow-on investment from Good & Well, strategic investment from Enlightened Building Technologies Inc. (Enlightened), and, as a historic first - a Canada wide co-investment by TAF (The Atmospheric Fund),  Alberta Eco Trust (AEF), The Greater Montreal Climate Fund (FCGM), and members of Low Carbon Cities Canada (LC3), a collaborative network accelerating equitable climate solutions across Canada.

Underground parking in multi-family residential buildings is one of the most carbon-intensive components of new multi-family construction and also adds an average of $100,000 in capital costs per parking stall constructed. Kite's electric mobility-sharing solution can displace up to 10 parking spots per 1 shared electric vehicle, allowing building developers to save several millions in capital costs per project. The inclusion of Kite as an amenity in buildings has shown to lessen time to market, reduce city traffic congestion, and materially reduce scope 1 and 3 GHG emissions, while improving housing affordability for residents by either lessening or eliminating the need for personal car ownership.

"TAF is supporting this innovative and proven business model for its significant potential to scale and tackle transportation emissions in cities across Canada. We're pleased to collaborate with other LC3 Centres for the first time to leverage our collective expertise and ultimately mobilize more capital into low-carbon solutions." – Kristian Knibutat, VP Impact Investing, The Atmospheric Fund

This new capital and strategic partnerships will help accelerate the positive impacts Kite is making, including access to affordable and sustainable transportation, carbon reduction, affordable housing, and traffic decongestion within our cities.

"Our strategic investment in Kite is a commitment to Kite's leadership and progress in this space.  Kite compliments Enlightened 's focus on the reduction of carbon and embodied carbon in the new construction industry, while at the same time supporting intelligent EV charging solutions in the buildings we serve.  We look forward to accelerating Kite's growth by leveraging our long standing and trusted relationships in the development community."  Steven Muzzo, Executive Chairman, Enlightened Building Technologies Inc., and Chief Executive Officer, OZZ Electric Inc.

"The commitments from these strategic investors advance Kite's growing impact, ability to scale projects to meet strong user and builder demand, and provides significant and measurable carbon reduction within cities. Kite plans to accelerate projects in lock-step with leading real estate developers, and together, innovate and offer solutions to pressing carbon reduction challenges within buildings and communities. Kite's solutions will also help individuals and families afford to live in our great cities, by making new housing more affordable, and by providing sustainable transportation options." Scott Macwilliam, Founder, Kite Mobility Inc.

ABOUT

Kite Mobility is a cleantech platform founded in 2020 is a first-to-market application that provides residents and guests of private communities access to rent, reserve, pay-per-use, or subscribe to, on-demand electric vehicles and e-bikes kitemobility.io, using Kites mobile application and charging infrastructure.

Enlightened Building Technologies Inc. is a premier, diversified provider of renewable energy and carbon reduction solutions. Enlightened services large industrial, commercial, and multi-residential buildings and projects throughout North America and the Caribbean. The tenured management team possess long range vision, tremendous engineering and regulatory expertise, broad technical experience, and access to 1,500 installation, service, and maintenance technicians. Enlightened offers 24/7/365 service support that is unparalleled in the industry. Enlightened services include carbon reduction building solutions, renewable energy EPC, sustainability consulting, energy reduction management, and intelligent metering technologies. Enlightened will ensure our common future through its building carbon reduction impact initiatives, technological solutions, and values. For more information, please visit www.enlightenedbuilding.com

Alberta Ecotrust Foundation - Alberta Ecotrust Foundation provides programming and funding in Calgary and Edmonton, taking on a nimble accelerator role, complementing and advancing the leadership work undertaken by the municipalities. Albertaecotrust.com.

The Atmospheric Fund - The Atmospheric Fund (TAF) is a regional climate agency that invests in low-carbon solutions for the Greater Toronto and Hamilton Area and helps scale them up for broad implementation. TAF.ca

Greater Montreal Climate Fund / Fonds Climat du Grand Montréal - Great Montreal Climate Fund is a regional climate institution that invests in low-carbon solutions in the Greater Montreal area. fondsclimatmontreal.com

Low Carbon Cities Canada – Low Carbon Cities Canada (LC3) supports cities and communities in reaching their carbon emissions reduction potential. This initiative, implemented in partnership between seven local centres and the Federation of Canadian Municipalities (FCM), was established through an endowment from the Government of Canada. lc3.ca

Good & Well is a boutique impact investment firm based in Toronto, Canada that invests in and supports inspiring entrepreneurs driving social change.  Our objective is to help catalyse a vibrant, more equitable and sustainable market by harnessing the power of entrepreneurship. Good & Well "Inspiring entrepreneurs. Driving social change." goodandwell.ca

SOURCE Kite Mobility Inc.

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