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.

Wilson Sonsini Goodrich & Rosati advised Spring Lane Capital on both the debt facility and Series A equity investment totaling $31 million. The Wilson Sonsini team included Scott Zimmermann, Bob O'Connor, Jason Slagle, Priyanka Nawathe, Elke Trilla, Sylvia Koh, Ira Palgon, Nicole Gambino, Brandon King, and Chelsea Mitchell, with support from Adam Pacheco and Qui Flood.

For more information, please see Spring Lane Capital's press release. These transactions were also covered by The Wall Street Journal.