Toronto-based STEER Holdings Inc., an integrated environmental, social, governance (ESG) technology platform, will order more than 1,000 electric vehicles (EVs) for its EV subscription business from Enterprise Fleet Management. The transaction is valued between $80 and $150 million (USD).
STEER, a wholly owned subsidiary of Facedrive Inc., views the deal as key to facilitating its growth, supporting its U.S. expansion and furthering the platform’s position in the EV subscription market. The new EVs will be added to STEER’s existing operational hubs as well as in new U.S. markets. The company was founded in 2016 as one of Canada's first eco-friendly rideshare platform.
Supporting its expansion plans, the company cites growing public attention to climate change, greater EV adoption spurred in part by government efforts, and a shift away from traditional car ownership models in favor of trends such as subscription and shared solutions.
“We are very happy to partner with Enterprise Fleet Management. We believe we can make a real difference in the electric vehicle subscription space by continuing to expand this flexible, customer-centric, and environmentally conscious model to a wider market,” said Suman Pushparajah, CEO of STEER. “The data we have collected, including from our recent launches in Texas and British Columbia, as well as preparations for the upcoming launch in Florida, has demonstrated a growing demand for a month-to-month all-inclusive subscription service.”