Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Vehicle-sharing co-op Co Cars launches £600k funding bid

The Exeter based co-op wants to increase its fleet of electric cars and bikes

Exeter-based eco-friendly vehicle sharing co-operative Co Cars has launched a £600k funding round to grow its shared mobility initiatives.

Co Cars is asking residents and businesses in and around Exeter to support the expansion of its fleet from just under 40 cars to over 55. It also wants to add at least 50 new electric bicycles through the funding drive, via the ethical investment platform Ethex.

Launched in 2005, Co Cars is one of south west England’s leading low-carbon, on-demand shared mobility scheme. It has more than 1,200 active members who have reported a 30% reduction in car use, a 15% reduction in travel costs and a 20% increase in walking and cycling.

In the last five years alone, Co Cars says it has removed over 150 private cars from the road, saving 149 tonnes of CO2per annum. A successful funding bid is expected to remove an additional 150 cars from the road and a further 230 tonnes of CO2 per annum.

Funds will be channelled into the purchase or leasing of electric cars and bikes, the establishment of city-centre mobility hubs (where multiple modes of transport are made available around existing infrastructure), product innovation (such as the development of a dedicated geolocation app) and the  developing integrated ticketing with local bus operators to increase ease of use and connectivity.

Investors in the project will see a targeted 5% return on their investment per annum, with Co Cars re-investing any surplus funding generated above the £600k mark back into the business to help transform the communities it operates in and grow its sustainable development.

Mark Hodgson, founder of Co Cars, said: “By the year 2030, around 90% of the British population will live in an urban area, and currently, transport represents the largest financial burden on most British households.

“The extensive use of private vehicles is not only forcing individuals and households into transport poverty, it is also having a destructive effect on the planet, with vehicular emissions contributing the largest proportion of overall greenhouse gases.

“Although we are witnessing explosive growth in the ownership of electric vehicles, we at Co Cars believe more can be done. By offering a safe, user-friendly alternative to private vehicle use, we have successfully encouraged over 1,200 users to help create healthier, cleaner urban environments for everybody. With this latest round of funding, we will be able to offer shared mobility services to more people across Exeter and the south west.”

Lisa Ashford, chief executive of Ethex, said: “Consumers are increasingly concerned with the environmental impact of using private transport. By providing a local, sustainable shared mobility offering, Co Cars is developing something truly innovative to combat climate change and create healthier, more liveable community spaces. We are proud to be partnering with Co Cars to offer consumers a healthy, eco-friendly transport alternative and to offer investors an attractive opportunity for investment.”