Member Spotlight: Inspiration MobilityFriday, February 10th 2023
Tell us about Inspiration in 3 sentences or less.
Inspiration is the world’s first specialist investment and asset management platform exclusively focused on accelerating the electrification of transportation in North America, providing capital and turnkey EV fleet-as-a-service solutions to enable commercial fleets to “go electric” as easily, quickly, and profitably as possible. Our company invests in, develops, and manages the real assets (including electric vehicles, EV charging infrastructure, and related real estate) that enable the electrification of transportation at scale. Backed by three of the world’s leading energy and infrastructure investors, we aim to dramatically accelerate fleet electrification in North America while building the leading pure-play, diversified EV infrastructure platform.
What is Inspiration’s role in the energy transition and how are you unique in the sector?
Inspiration is the only company that offers a comprehensive solution for transportation decarbonization, providing the full spectrum of services for a wholly integrated EV transition for commercial fleets. We work with our customers to map out their electrification journey and invest in the tangible vehicle and charging assets to serve as a comprehensive partner to fulfill all their electrification needs: including planning, EV procurement, charging solutions, fleet management services, and emissions reduction tracking, accounting, and reporting. We are vendor agnostic and are not bound to any particular vehicle type or charging solution, so can offer the best solution for every customer. We help our clients achieve their Net Zero goals as a true partner with decades of deep expertise across all elements of the transportation and energy ecosystem.
What are the macro trends currently affecting you?
With looming corporate climate commitment deadlines, an increase in states mandating EV adoption, and a step-change in new EV models available at different price points, transitioning to EVs brings strong ROI and climate advantages. These key trends are putting substantial wind behind our sails. First, corporations are making concrete pledges to reduce emissions via ESG or Net Zero commitments. Because EVs have a lower total cost of ownership than gas vehicles, not only do companies make measurable progress on emissions reductions, but they also save money.
An average fleet will save about $1.2 million and reduce 1,400 metric tons of CO2. Second, the Inflation Reduction Act was very helpful to corporations in terms of increasing incentives and funding for both vehicle and charging infrastructure. It also provided critical certainty on the longevity of those mechanisms to allow companies to confidently move forward. Third, many fleet owners are critical parts of the supply chain. And coming out of COP 27, more and more major corporations are asking more of their supply chain to reduce emissions. So large transportation fleets will soon need to accelerate their efforts to electrify.
What are the most recent updates from Inspiration Mobility and what does 2023 have in store for you?
In 2022 we began putting the capital we raised in 2021 ($415 million) to use. This funding enabled us to finance the purchase of a wide variety of electric vehicles on behalf of our customers. A few examples include our work with Revel, the all-electric ride-hailing service in New York City; Envoy, the all-electric, on-demand “EV as an amenity” company parking EVs at dozens of apartments and condos across the U.S.; and, UFO Drive, the only all-electric car rental company with services across Europe and which just launched in the US (San Francisco). In each case, Inspiration was a trusted partner that accelerated the company’s ability to launch/expand their services by lowering the upfront cost of acquisition and providing a customized vehicle charging and ongoing operations solution.
We also recently added some exceptional talent to our leadership team. With decades of expertise in areas key to financing the transition of commercial fleets to EVs, in concert with exceptional customer service, SungHwan Cho is joining the company as Chief Financial Officer, Edward P. Kaye as Senior Vice President of Sales & Business Development, and Heather Schwager as Senior Vice President & Head of People. And the growth continues! We continue to recruit and add exceptional talent across all functions, but are especially seeking to further expand our leadership team by adding a Chief Operating Officer and Chief Revenue Officer in the first half of 2023.
Why did you decide to join Dynamo? What aspect of your membership are you happiest with?
Inspiration values the company we keep, and Dynamo is at the nexus of companies advancing a more sustainable future. We are dedicated to electrifying the transportation future of America, and with Dynamo and its members, we can accelerate that mission. Inspiration is growing at breakneck speed, with employees in nearly 20 states, the Dynamo Energy Hubs allow us to more easily offer our employees collaboration space across the country.
For media relations contactClaudia Prandoni Marketing & Communications Manager