Genesis invests in Yoogo Share

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Genesis, New Zealand’s largest electricity retailer, has made a strategic investment of $2 million for a 40% stake in Yoogo Share, an EV car sharing company helping businesses and individuals reduce their carbon emissions.

The New Zealand transport sector represents more than 20% of the country’s greenhouse gas emissions and Genesis is setting its sights on helping to reduce that. With 200 tonnes of CO2 already saved by Yoogo Share, Genesis is excited about what this new partnership will achieve.

Executive General Manager Retail Markets, James Magill, says Yoogo Share’s experience in EV fleet management and charging infrastructure, combined with Genesis’ customer and brand reach, will go a long way to achieving momentum in this essential and growing sector.

“There is a groundswell of activity from individuals, business and government to support NZ’s emissions reduction targets and we hope to support that. Partnering with Yoogo Share enables a solution to help our customers further reduce their energy costs and carbon emissions.”

In announcing the deal, as part of today’s annual results, Genesis CEO Marc England said this will provide significant opportunity for Genesis’ business customers, many of whom are on the verge of transitioning pool car fleets to EVs.

“The Yoogo Share model, supported by Genesis will enable the average cost per kilometre to be brought down, capital costs avoided, a reduction in carbon footprint and enable more flexible transportation for New Zealand businesses,” said Marc.

Yoogo Share CEO, David Jenkinson says the traditional fleet industry is changing, “Research suggests that by 2024 car sharing will have grown to 40,000 cars in New Zealand and Australia. With a solid base in Christchurch and expansion into Auckland and Wellington currently underway, we’re delighted to have Genesis’ support which enables us to meet the increasing market interest in our service.”

Genesis itself has committed to transitioning 100% of its light vehicle fleet to EV by 2020 and 50% of trucks by 2025. 41% of the light vehicle fleet has already been converted and four hybrid trucks begin service this month.