STEER EV Enters into Agreement with Enterprise Fleet Management to Order Electric Vehicles
August 22 2022 - 6:00AM
Business Wire
1000+ Vehicles Valued Between $80 and $150
million
STEER Holdings Inc., a wholly-owned subsidiary of Facedrive Inc.
(“STEER” or “the Company”) (TSXV: FD) (OTCQX:
FDVRF), an integrated ESG technology platform, is pleased to
announce that it has entered into an agreement (“Agreement”)
with Enterprise Fleet Management (“Enterprise Fleet
Management”) to lease over 1000 electric vehicles valued
between $80 and $150 million (USD) 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 future1, 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 Corporation (NASDAQ: EXC) 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.”
About the Company
STEER is an integrated ESG technology platform that moves people
and delivers things through subscription and on-demand services.
The Company’s goal is to build a one-of-a-kind system that
aggregates conscientious users, through a series of connected
offerings, and enables them to buy, sell, or invest with the same
platform, STEER. The Company’s offerings generally fall into two
categories: subscription-based offerings led by its flagship
electric vehicle subscription business, STEER EV, and on-demand
services incorporating delivery, B2B marketplace,
Delivery-as-a-Service (DaaS) and rideshare businesses. The
Company’s platform is also powered by EcoCRED, its big data,
analytics and machine learning engine which seeks to capture,
analyze, parse and report on key data points in ways that measure
the Company’s impact on carbon reductions and offsets.
For more about the Company, visit www.facedrive.com. Suman
Pushparajah, CEO suman@facedrive.com STEER 100 Consilium Pl, Unit
400 Scarborough, ON Canada M1H 3E3 www.facedrive.com
Forward-Looking Information
Certain information in this press release contains
forward-looking information, including with respect to the
Company’s business, operations and condition, management’s
objectives, strategies, beliefs and intentions, and the company’s
forward plans to scale up its electric vehicle fleet. This
information is based on management’s reasonable assumptions and
beliefs in light of the information currently available to us and
are made as of the date of this press release. Actual results and
the timing of events (for example, the success of the relationship
with Enterprise Fleet Management) may differ materially from those
anticipated in the forward-looking information as a result of
various factors. Information regarding our expectations of future
results, performance, achievements, prospects or opportunities or
the markets in which we operate is forward-looking information.
Statements containing forward-looking information are not facts but
instead represent management’s expectations, estimates and
projections regarding future events or circumstances. Many factors
could cause our actual results, level of activity, performance or
achievements or future events or developments to differ materially
from those expressed or implied by the forward-looking
statements.
See “Forward-Looking Information” and “Risk Factors” in the
Company’s Annual Management Discussion & Analysis (MD&A)
for the year ended December 31, 2021 (filed on SEDAR on May 2,
2022) and its interim MD&A for the period ended March 31, 2022
(filed on SEDAR on May 30, 2022) for a discussion of the
uncertainties, risks and assumptions associated with these
statements and other risks. Readers are urged to consider the
uncertainties, risks and assumptions carefully in evaluating the
forward-looking information and are cautioned not to place undue
reliance on such information. We have no intention and undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable securities legislation and
regulatory requirements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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https://www.cnbc.com/2022/05/24/electric-vehicles-are-in-short-supply-heres-what-you-can-find-as-gas-prices-soar-.html
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version on businesswire.com: https://www.businesswire.com/news/home/20220822005196/en/
For further information: Company Contact: Maria Verbytska,
investor@facedrive.com Media Contact: Sana Srithas,
sana@facedrive.com, Tel: 1-888-300-2228
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