Electric car-share Mevo attracts more funding from Z Energy as service expands

Updated

Z Energy has more than doubled its investment in Mevo. Photo: John Sefton

Z Energy has more than doubled its investment in Mevo, the Wellington-based electric car-sharing firm, with The Wellington Company and European Motor Distributors also investing.

Z has lifted its stake in Mevo to 12 percent, funding it by a further $300,000 on top of its existing $250,000 investment from September last year. European Motor Distributors, which is Audi NZ’s parent company, and The Wellington Company have each become 2.1 percent shareholders, Mevo said.

"It’s really promising to see established New Zealand companies like European Motor Distributors, The Wellington Company, and Z Energy actively engaging in environmentally responsible, future-focused initiatives," chief executive and co-founder Erik Zydervelt said in a statement. "Our investors share a vision for carbon conscious transport systems in New Zealand and have been fantastic partners to help make this a reality."

Mevo said it will use its funding to further fuel its expansion and add staff, after recently hiring Sophia Rizos as head of growth and Maryon Wils as head of enterprise sales. It said launching its "free floating" service in May - where users can park Mevo cars anywhere within a specified "home zone" which covers Wellington's CBD and the airport - had doubled monthly trips in its vehicles.

"By deepening our investment in Mevo, we hope to enable more Kiwis to jump in the driver’s seat of the future," Z chief executive Mike Bennetts said. "It also enables Z to explore the future of mobility and learn more about changes in the way our customers are getting from A to Z."