Onto, a UK-based vehicle subscription service, is working to accelerate EV adoption by making access to electric vehicles easier, flexible and affordable. Through a comprehensive package, Onto eliminates the hassles of long-term contracts, large up-front security deposits, and endless paperwork typically associated with traditional leasing programs. Onto subscriptions run monthly. You can then choose to continue your subscription, cancel it, or switch to another model. Onto subscriptions include insurance, road taxes, utilities, breakdown protection, services and free utilities. Monthly subscription comes with 750 miles. You can then pay extra to drive even more miles by purchasing a mileage package. These packages can add 250, 500, 750 or 1000 miles.
Subscribers can access free public charging at over 11,000 chargers across the UK, including Shell Recharge and InstaVolt. At the end of your Onto subscription, you can arrange car pick-up in the app and only pay a pick-up fee of £129.50.
Founded in 2018, Onto has grown to be Europe’s largest electric vehicle subscription service, with over 7,000 vehicles in the UK. Cars on its platform include Renault Zoe, S Edition R135 EV 50 Rapid Charge, Fiat 500 Electric, Icon Hatchback, Renault Megane, E-TECH Techno EV60 160kW Optimal Charge, Audi Q4 40 e-tron S Line Comfort and Sound, etc. there is. packages, Tesla Model 3 Long Range, Tesla Model Y Long Range, and many other EVs.
Onto is now moving to expand its business and recently secured a new £100 million line of credit from global investment group CDPQ and independent asset manager Pollen Street. car ownership model. The £100m asset-backed facility will allow Onto to continue expanding its UK fleet with its latest electric car model. This new facility builds on the existing relationship between Onto and Pollen Street. Pollen Street will be Onto’s financial partner from July 2021. The facility is also a new partnership between Pollen Street and CDPQ.
Onto CEO and co-founder Rob Jolly said: This is a pivotal moment for electric vehicle adoption, and At Onto, we want to make electric vehicles more accessible and affordable for those who want to make green choices. The opportunity to provide an alternative to owning a car is also more desirable than ever. Our subscribers benefit from the convenience, flexibility and choice that comes with our monthly subscription model. ”
Mark Cormier, Executive Vice President and Head of Fixed Income at CDPQ, said: The funding will support Onto’s growing EV fleet, building on the experience of investing in other asset-backed platforms by the Capital Solutions team, which provides flexible and innovative capital solutions that meet the evolving needs of companies. We look forward to working with partners like Pollen Street to help European companies position themselves for growth while advancing our goal of contributing to the decarbonisation of the real economy. increase. ”
Matthew Potter, partner at Pollen Street Capital, said: This funding will play a key role in supporting Onto’s growth and is strongly aligned with his Pollen Street commitment to positive impact investments. At this facility, he also partnered with CDPQ, and he is pleased to provide co-funding to Onto to jointly advance their 2023 goals. CDPQ has been a great partner and we look forward to working with the team. ”
This is a model I like and hope to spread to other parts of the world as soon as possible. can lower the barriers to entry.
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