Onto raises £100M credit facility from CDPQ and Pollen Street to accelerate the shift to electric mobility
Electric car subscription service Onto raises a new credit funding line of £100
The £100 million asset-backed facility will enable Onto to continue expanding its UK fleet with the latest electric car models. This new facility builds on the existing relationship between Onto and Pollen Street; Pollen Street has been a finance partner to Onto since July
Onto's monthly subscription model is all-inclusive of insurance, breakdown cover and free public charging. It empowers subscribers with flexibility - no deposit, no long-term commitment and the option to swap cars or stop the subscription every month.
Rob Jolly, Onto CEO & Co-Founder, said:
“We’re grateful for the support of Pollen Street and CDPQ - it will turbocharge our UK growth plans and consolidate our position as the leading electric car subscription service. This is a pivotal moment for the adoption of electric cars and at Onto we want to make them more accessible and affordable to people who want to make environmentally-conscious choices. The opportunity to provide an alternative to car ownership has also never been more desirable - our subscribers benefit from the convenience, flexibility and choice that come with a monthly subscription model.”
Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ, said:
“Onto provides an attractive and comprehensive subscription alternative to access EVs in an industry gaining momentum for environmentally-friendly modes of transportation. Building on the experience of investing in other asset-backed platforms by our Capital Solutions team—which provides flexible and innovative capital solutions to meet the evolving needs of companies—this financing will support Onto’s growing EV fleet. Working alongside partners like Pollen Street, we look forward to helping European businesses position themselves for growth while advancing our objective of contributing to the decarbonization of the real economy.”
Matthew Potter, Partner at Pollen Street Capital, said:
“Building on our relationship with Onto, we are excited to once again work with a business that has a strong mission to enable access to electric vehicles and encourage the switch to greener mobility. This funding will play an important role in supporting Onto’s growth and aligns strongly with Pollen Street’s commitment to investments that drive a positive impact. We are also thrilled to partner with CDPQ on this facility, providing Onto with the joint funding to drive its 2023 goals, together. CDPQ is a fantastic partner and we look forward to working with theteam.”
Onto was founded in 2018 and has grown to become the largest electric car subscription service in Europe, with over 7,000
In 2022, Onto subscribers saved 4.8
About Onto
Onto is an electric car subscription service, founded in
About CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at As at June 30, 2022, CDPQ’s net assets totalled CAD 391.6 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.
CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.
About Pollen Street Capital
Pollen Street is a fast growing, purpose led and high performing private capital asset manager. Established in
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Chris SibbaldMEDIA RELATIONS - FGS GlobalPollen Street Capital+44 (0) 78 5595 5531