Insights
Search Results
Client Highlights
4.18.23
Wilson Sonsini Advises Spring Lane Capital on $31 Million Fundraise for Spring Free EV
On April 6, 2023, Spring Free EV, a financial technology company accelerating the adoption of electric vehicles (EVs) through innovative fintech products, announced the completion of a $31 million fundraise that includes a debt facility and a Series A equity investment led by Spring Lane Capital, a $400 million private equity firm focused on providing hybrid capital for sustainable solutions in the energy, food, water, waste, and transportation industries. The financing will enable Spring Free EV to double the number of EVs it has already put on the road by the end of 2023, with the expectation of scaling to tens of thousands of vehicles on the road by 2025. In addition, at full-scale operation, the company expects to cut the upfront costs of utilizing EVs by more than half the current amount.