STEER EV Subscription Service Expands to Florida
September 20 2022 - 07:49AM
Business Wire
Facedrive Inc. (“STEER” or “the Company”)
(TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform,
is pleased to announce its electric vehicle subscription service
(“STEER EV”) has added Florida, USA, as a new service area
with an operational hub in Tampa. STEER EV’s subscription service
is available to the eligible residents of the state as of
September, 2022. After successfully securing the financing
necessary to facilitate further growth, STEER is actively expanding
its geographical footprint throughout the second half of 2022 and
growing its EV fleet to support the new regions in operation.
From its inception, the STEER EV platform has been focused on
challenging the traditional car ownership model and accelerating
the general public’s switchover to environmentally friendly
transportation through an automobile subscription service. Having
transformed the platform into one of the leading providers of
subscription-based EV services, the Company feels its turnkey
month-to-month model – which includes insurance, maintenance,
vehicle swaps and concierge delivery – presents an attractive
alternative for customers seeking a time-efficient and hassle-free
transportation solution.
The Company sees STEER EV capitalizing on two mega-trends in the
personal transport industry: increasing eco-consciousness on part
of individuals and governments alike, as well as a general shift
away from traditional car ownership in favour of more flexible
options such as per-use or subscription-based services,
particularly among the younger generation. The global car
subscription market was valued at $3.55 billion in 2019, and is
projected to reach $12.1 billion by 2027, representing a compounded
annual growth rate (CAGR) of 23.1%.1 As an ESG ecosystem, STEER is
confident that its commitment to working alongside responsible
governments, businesses and individuals in addressing
environmental, social and governance concerns positions it well to
capture growth in the electric vehicle subscription services market
in the years to come.
Florida represents a key market to the STEER EV platform,
strengthening its leadership position in the Southern region of the
USA and providing for greater fleet management efficiencies. The
Company also feels this expansion strongly aligns with the
commitment of the US Government to build out a network of 500,000
electric vehicle chargers along America’s highways and in
communities by 2030 as part of a shift towards cleaner fuels and a
general decarbonisation of the country’s transportation
sector2.
“We are excited to bring our EV subscription services to
Florida, which is our third market in the USA and fifth overall.
Florida is home to diverse and vibrant communities, and we are
looking forward to assisting them with their green transportation
needs. This is also STEER’s third consecutive month adding new
operational areas to its service network, with Texas added in July
and British Columbia in August. This reflects our team’s hard work
and dedication to delivering on its commitment to offer new
sustainable personal transportation options to more communities in
North America this year. Shortly after Florida, the STEER EV
service should become available to the residents of California,”
said Suman Pushparajah, CEO of STEER.
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 rebrand. 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, such as those
pertaining to the Company’s planned future launches and intended
fleet growth, 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
and June 30, 2022 (filed on SEDAR on May 30, 2022 and August 29,
2022 respectively) 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.
1
https://www.alliedmarketresearch.com/car-subscription-market-A10188#:~:text=The%20global%20car%20subscription%20market,with%20a%20CAGR%20of%2021.7%25
2
https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/09/fact-sheet-biden-harris-administration-proposes-new-standards-for-national-electric-vehicle-charging-network/
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version on businesswire.com: https://www.businesswire.com/news/home/20220920005844/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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