August 21, 2023
MONTREAL, CALGARY, EDMONTON, TORONTO– Greater Montreal Climate Fund (FCGM), Alberta Ecotrust Foundation, and The Atmospheric Fund (TAF) are pleased to announce a joint investment of $1 million in Kite Mobility, a growing Canadian startup that is scaling their “mobility as an amenity” service. Kite’s unique model offers electric vehicles, including electric cars, e-bikes, and e-scooters for rent or monthly subscription within a centralized sharing platform located directly in multi-family buildings. The investment is part of a larger round with additional financial and strategic investors.
Underground parking in multi-family residential buildings is one of the most carbon-intensive components of new construction and adds an average of $100,000 in capital costs per stall. Kite’s mobility-sharing solution can displace up to 10 parking spots per shared electric vehicle, allowing building developers to save millions in capital costs and ultimately improve housing affordability for residents.
This group of mission-aligned impact investors chose to invest in Kite’s business because it inherently reduces urban transportation emissions, moves consumers away from traditional private car ownership to an equitable sharing economy, and reduces the amount of infrastructure required for private vehicle storage. Analysis by TAF shows almost 200,000 tonnes of carbon reduction potential over 20 years in the Greater Toronto and Hamilton Area alone.
This transaction represents the first joint investment by members of Low Carbon Cities Canada (LC3), a collaborative network accelerating equitable climate solutions across Canada.
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QUOTES
“Through our Climate Innovation Fund we aim to support mobility initiatives that reduce emissions, improve air quality for all and provide more equitable access to low carbon transportation. We are proud to support Kite Mobility as they offer a market-based solution that can provide electric vehicle and e-bike ride share services for the multi-unit residents of Calgary and Edmonton.”
– Rod Ruff, Acting Chief Executive Officer of Alberta Ecotrust Foundation
“TAF is supporting this innovative and proven business model for its significant potential to scale and tackle transportation emissions in cities across Canada. We’re pleased to collaborate with other LC3 Centres for the first time to leverage our collective expertise and ultimately mobilize more capital into low-carbon solutions.”
– Kristian Knibutat, VP Impact Investing, The Atmospheric Fund
“The Greater Montreal Climate Fund is proud to partner with and invest in Kite Mobility to address two of our priority areas: reducing the carbon footprint of buildings and accelerating the electrification of transport. Kite Mobility’s expertise, the relevance of its flagship service and its current and potential market will significantly reduce carbon emissions in Greater Montreal, estimated at 74,000 tonnes over 20 years.”
– Vincent Moreau, General director, Greater Montreal Climate Fund
“This new capital will help accelerate positive impacts Kite is making including access to affordable, sustainable transportation, carbon reduction, affordable housing, and decongestion within our cities”
— Scott Macwilliam, Founder, Kite Mobility
ABOUT
Alberta Ecotrust Foundation – Alberta Ecotrust Foundation is a charity committed to supporting and catalyzing environmental projects that enhance the well-being of Alberta’s communities. As a founding member of the Low Carbon Cities Canada network, Alberta Ecotrust created the Climate Innovation Fund. The Fund supports urban climate action in Calgary and Edmonton, taking on a nimble accelerator role that complements and advances the leadership work undertaken by the municipalities. albertaecotrust.com.
The Atmospheric Fund – The Atmospheric Fund (TAF) is a regional climate agency that invests in low-carbon solutions for the Greater Toronto and Hamilton Area and helps scale them up for broad implementation. taf.ca
Greater Montreal Climate Fund / Fonds Climat du Grand Montréal – Great Montreal Climate Fund is a regional climate institution that invests in low-carbon solutions in the Greater Montreal area. fondsclimatmontreal.com
Kite Mobility Kite Mobility, a cleantech platform founded in Toronto in 2019, is a first-to-market app and service provider that connects residents and guests of private residences to multiple electric mobility options. kitemobility.io
Low Carbon Cities Canada – Alberta Ecotrust Foundation, The Atmospheric Fund and the Greater Montreal Climate Fund are members of the Low Carbon Cities Canada (LC3) network. LC3 supports cities and communities in reaching their carbon emissions reduction potential. This initiative is implemented in partnership among seven local centres and the Federation of Canadian Municipalities (FCM). Funded by a Government of Canada endowment through FCM, LC3 is part of a national investment in municipal climate action to accelerate urban climate solutions and to help achieve Canada’s climate goal of net-zero by 2050. lc3.ca
MEDIA CONTACT
Julie Leach, Senior Manager, Campaigns and Communications
Jleach@taf.ca | 416-393-6382