Fonds Climat du Grand Montréal invests in Kite Mobility to support electric carpooling in Canadian condominiums and multi-residential buildings

Greater Montreal Climate Fund (GMCF), Alberta Ecotrust and The Atmospheric Fund (TAF) are pleased to announce a joint investment of $1 million in Kite Mobility, a fast-growing Canadian start-up developing its “affordable and sustainable transportation” service. Kite offers electric vehicles, including cars, bicycles and scooters, for rental or monthly subscription through a centralized sharing platform located directly in multi-family residential buildings.

Underground parking in multi-family residential buildings is one of the most carbon-intensive elements of new construction, representing on average $100,000 in capital costs per parking space. Kite’s shared mobility solution can replace up to 10 parking spaces per shared electric vehicle, saving developers millions of dollars in capital costs and improving housing affordability for residents.

This group of influential investors, whose objectives are aligned with the company’s mission, chose to invest in Kite’s activities because they inherently reduce urban transport emissions, encourage consumers to switch from traditional private car purchases to an equitable sharing economy, and reduce the amount of infrastructure needed to store private vehicles. An analysis by TAF shows a potential reduction of almost 200,000 tonnes of carbon over 20 years in the Greater Toronto and Hamilton area alone.

This transaction represents the first joint investment by members of the League of Canadian Low-Carbon Communities (LC3), a collaborative network accelerating equitable climate solutions across Canada.

ABOUT

Alberta Ecotrust Foundation – The Alberta Ecotrust Foundation is a charitable organization committed to supporting and encouraging environmental projects that improve the well-being of Alberta communities. As a founding member of the Low Carbon Cities Canada network, the Alberta Ecotrust Foundation created the Climate Innovation Fund, which supports urban climate action in Calgary and Edmonton by adopting an agile gas pedal role that complements and advances the leadership work undertaken by municipalities. albertaecotrust.com

The Atmospheric Fund – The Atmospheric Fund (TAF) is a regional climate change organization that invests in and helps implement low-carbon solutions in the Greater Toronto and Hamilton Area. taf.ca

Greater Montreal Climate Fund – The Greater Montreal Climate Fund is a regional climate institution that invests in low-carbon solutions in the Greater Montreal region. fondsclimatmontreal.com

Kite Mobility – Kite Mobility is a cleantech platform that launched in Toronto in 2019. It is the first commercial app and service provider that gives residents and visitors of private residences access to multiple electric mobility options. kitemobility.io

League of Canadian Low-Carbon Communities – Alberta Ecotrust Foundation, The Atmospheric Fund and Greater Montreal Climate Fund are members of the League of Canadian Low-Carbon Communities (LC3), which helps cities and communities reduce their carbon emissions. This initiative is implemented in partnership with seven local centers and the Federation of Canadian Municipalities (FCM). Funded by an endowment from the Government of Canada through FCM, LC3 is part of a national investment in municipal climate action to accelerate urban climate solutions and contribute to Canada’s climate goal of carbon neutrality by 2050. lc3.ca