Arlington startup Motor has raised a $7 million Series A round to expand its electric car leasing app to new markets.
The round was co-led by Arlington energy and utility company The AES Corp. (NYSE: AES) and Japanese conglomerate Mitsubishi Corp., best known for its car manufacturing.
Motor sells its services to utility companies as an avenue to increase electric car adoption by making the process of leasing an electric car and setting it up as easy as possible for consumers. Electric car adoption, while decreasing a household’s carbon footprint, still means as much as a 40% increase in electricity usage, according to Motor CEO Praveen Kathpal.
For individual car owners, Motor offers a $749 month-to-month lease package that for what it lacks in cost-savings it wants to make up for in convenience and low-risk commitment. It wraps up the whole process of leasing a car, getting insurance, installing a charging station and maintenance in one application and pricing model that can be…
Read the full story from the Washington Business Journal.
