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Genesis invests in EV car sharing firm Yoogo

Genesis invests in EV car sharing firm Yoogo

This will provide significant opportunity for our business customers, many of whom are on the verge of transitioning pool car fleets to electric vehicles, says Genesis CEO Marc England

Genesis Executive General Manager Retail Markets James Magill with Yoogo Share car

Genesis Executive General Manager Retail Markets James Magill with Yoogo Share car

Credit: Genesis

There is a groundswell of activity from individuals, business and government to support NZ’s emissions reduction targets and we hope to support that

James Magill, Genesis

Electricity retailer Genesis has invested $2 million for a 40 per cent stake in Yoogo Share, an EV car sharing company. 

Genesis says the New Zealand transport sector represents more than 20 per cent of the country’s greenhouse gas emissions and it is looking at helping to reduce that.

Genesis CEO Marc England says the partnership will provide a significant opportunity for Genesis’ business customers, many of whom are on the verge of transitioning pool car fleets to EVs.

“The Yoogo Share model, supported by Genesis will enable the average cost per kilometre to be brought down, capital costs avoided, a reduction in carbon footprint and enable more flexible transportation for New Zealand businesses,” says England, in a statement.

Yoogo Share CEO David Jenkinson says the traditional fleet industry is changing.

He says research suggests that by 2024, car sharing will have grown to 40,000 cars in New Zealand and Australia. 

“With a solid base in Christchurch and expansion into Auckland and Wellington currently underway, we’re delighted to have Genesis’ support which enables us to meet the increasing market interest in our service,” says Jenkinson. 

"Yoogo Share’s experience in EV fleet management and charging infrastructure, combined with Genesis’ customer and brand reach, will go a long way to achieving momentum in this essential and growing sector," says James Magill, executive general manager, retail markets at Genesis.

“There is a groundswell of activity from individuals, business and government to support NZ’s emissions reduction targets and we hope to support that,” says Magill.

“Partnering with Yoogo Share enables a solution to help our customers further reduce their energy costs and carbon emissions.”

Genesis says it has committed to transitioning 100 per cent of its light vehicle fleet to EV by 2020 and 50 per cent of trucks by 2025. 

It adds that 41 per cent of its light vehicle fleet has already been converted and four hybrid trucks will begin service this month.

Genesis' Peter Kennedy, Yoogo Share's Kirsten Corson and David Jenkinson, Genesis' James MagillCredit: Genesis
Genesis' Peter Kennedy, Yoogo Share's Kirsten Corson and David Jenkinson, Genesis' James Magill

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Tags CSRsustainabilitygenesistransportationlogisticsstartupsclimate changejoint ventureas a servicesharing economyautonomous vehicleYoogoride sharingeverything as a serviceas a service economyEV

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