STEER Holdings Inc., a wholly-owned subsidiary of Facedrive Inc., an integrated ESG technology platform, has announced that it has entered into an agreement with Enterprise Fleet Management to lease more than 1,000 electric vehicles valued between $80 million and $150 million for its EV subscription business, STEER EV. The company sees this Agreement as a key element in facilitating STEER’s growth, supporting its U.S. expansion, and furthering the platform’s leadership position in the EV subscription market. The company intends to both add cars to existing operational hubs as well as to expand into new U.S. markets that it has carefully selected.
The company’s intended expansion comes within the context of growing public attention to climate change and increased governmental efforts to combat its effects which have, in general, spurred greater EV adoption. At the same time, consumers are continuing to shift away from traditional car ownership models like leasing or financing in favor of trends such as subscription and shared solutions. With EVs anticipated to remain in tight supply for the foreseeable future, the company feels the agreement positions it well to capitalize on this opportunity.
STEER EV was acquired by the company from a wholly-owned subsidiary of Exelon Corp. in September 2020 to challenge traditional car ownership models and to facilitate transition to eco-friendly mobility solutions for individuals and businesses. For STEER, the agreement with Enterprise Fleet Management is a key milestone as it aims for strong growth in both fleet size and geographical presence.
“We are very happy to partner with Enterprise Fleet Management. We believe we can make a real difference in the electric vehicle subscription space by continuing to expand this flexible, customer-centric, and environmentally conscious model to a wider market,” said Suman Pushparajah, CEO of STEER. “The data we have collected, including from our recent launches in Texas and British Columbia, as well as preparations for the upcoming launch in Florida, has demonstrated a growing demand for a month-to-month all-inclusive subscription service. With the help of this partnership with Enterprise Fleet Management, STEER is on track to fulfill demand and scale its fleet considerably in the months to come.”