Keeling Curve

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Project Summary / Description:

Formed in 2021, Spring Free EV (SFEV) is a financial technology company built to accelerate the adoption of EVs through innovative fintech products. We have the bold mission to reduce CO2 emissions by one gigaton by 2030 through a new vehicle financing approach that makes EVs more accessible to everyone.

SFEV aims to make EVs more affordable. EVs cost anywhere from 20% to 50% more than gas-powered vehicles, though they cost less to operate over their lifetime. The US has set the year 2050 as a target for achieving net zero greenhouse gas emissions with regards to ground transportation.

The country needs 75 million to 100 million more additional electric vehicles on the road in the next eight years if the US is to be successful, and that‚ why SFEV exists - to lead to that kind of scale and bend the curve of electric vehicle adoption.

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How Project Affects Greenhouse Gas (GHG) Emissions:

Replaces/avoids GHGs (e.g., projects that replace sources of GHGs, such as the burning of fossil fuels for electricity, heat, transport, or other energy uses)

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Impact on Underrepresented Groups:

The ability to move around our society and access goods and services is a basic human right. EVs can provide this mobility while curtailing climate change by reducing carbon emissions from transportation. Poorer households often rely on high mileage and older gasoline-powered vehicles. In either case, EVs offer more driving range per unit of energy than gasoline-powered cars. However, poorer households typically have less access to charging infrastructure and time.

Pay-per-mile EV subscriptions are an important model that can even the EV playing field. The program provides pay-per-mile subscriptions with no down payment or credit check required. Customers would be charged a monthly fee for the use of the vehicle and a per-mile usage fee. Lenders can now serve drivers who might otherwise have been overlooked. This service would allow low-income households to own a newer EV that gets much more miles per unit of energy than gasoline-powered cars.

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Mission Statement:

Spring Free EV is a financial technology company built to accelerate the adoption of EVs through innovative fintech products. It has the bold mission to reduce CO2 emissions by one gigaton by 2030 through a new vehicle financing approach that makes EVs more accessible to everyone. Spring Free EV was co-founded by Sunil Paul, Martin Lagod, Tenni Theurer, Visrin Vichit-Vandakan, and Andrew Deitz in 2021 and is backed by leading investors Reid Hoffman, Ev Williams, Mark Pincus, and others. Learn more at www.springfreeev.com.