According to Tech.eu, with the help of the money from EIB, Cabify will bring about 1.400 new electric cars into its fleet in order to grow its efforts to decarbonise, and also to develop the infrastructure needed to operate electric vehicles.

Cabify wants to have a carbon negative fleet by 2025 in Spain and by 2030 all over the world.

The company is one uf Uber’s biggest rivals in Latin America, has 42 million users and 1.2 million collaborating drivers. At present, Cabify is operational in Argentina, Chile, Colombia, Spain, Mexico, Peru, Uruguay, Ecuador.

The funding offered by EIB is in line with the bank’s efforts for other companies in the automotive sector that are making efforts to bring electric vehicles into their portfolios and work on improving the charging infrastructure needed to operate EVs.