Lime scoots forward with $523m for new generation of e-scooters

Chief Executive Officer Wayne Ting said Lime will also use the funds to help the company get off carbon emissions by 2030.

Lime, the global electric scooter company with its eyes on the Irish market, just raised $ 523 million in an over-underwritten financing round. The investment will help the micromobility company meet its carbon-free goal by 2030 and invest in its latest generation of e-scooters and electric bikes.

This comes as legislation in Ireland to legalize e-scooters received Cabinet approval last month after a long period of anticipation, and is expected to receive the green light before Christmas.

With humble beginnings in 2017 as a San Francisco bike rental company, Lime has come a long way. It is now one of the world’s leading micromobility players. Appeared in the List 2021 of Time 100 most influential companies by the worldwide popularity of their baseless e-scooters.

Of the total funding raised, $ 418 million of convertible debt was led by Abu Dhabi Growth Fund, Fidelity Management and Research, Uber, and Highbridge Capital Management. It was accompanied by an additional $ 105 million secured term line of credit from private credit firm UBS O’Connor.

Lime CEO Wayne Ting called the oversubscription round a “testament to the strong business we have built,” adding that it shows the confidence investors have in the company.

“This investment will allow us to double our newest generation of electric bicycles and electric scooters, as well as additional modes, to ensure that people have reliable access to affordable, shared and carbon-free transportation,” said Ting.

In March of this year, Lime announced that it was investing $ 50 million in electric bikes to expand its fleets to 25 new cities in 2021.

Lime’s global growth

Since 2017, Lime has rapidly scaled into various global markets and has reintroduced bicycles to its service. Last year, he also took over Jump, Uber electric bike arm, as part of a financing agreement. By 2019, there were established an office in Dublin, with not a single one of his scooters on Irish roads.

Now the company has obtained permits in major micromobility cities on both sides of the Atlantic, including Paris, London, New York and San Francisco. It continues its expansion to smaller cities and operates a fleet of more than 200,000 micromobility vehicles.

“Through the scale of its fleet, the efficiency of its operations and its ability to work with cities, Lime continues to demonstrate that it is the world leader in micromobility,” said Dara Khosrowshahi, CEO of Uber.

“Everyone at Uber has been impressed by Lime’s ability to constantly improve its bottom line, and we are confident that this leadership team has the vision and ability to take Lime to new heights as cities and their residents trust each once again on bicycles and scooters for Local Travel. “

Last month, the company told the Irish Times that it would invest 10 million euros over the next 18 months in its Irish operations to launch e-scooter and e-bike services. He promised to offer discounts to key workers, students, job applicants and those who wear helmets while driving.

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