EV ride-hail leasing company Hive raises $30 million in funding round

A Hive Technologies Inc vehicle is seen at a solar-powered electric vehicle charging station in Los Angeles, California in undated handout photo obtained December 13, 2021. Hive Technologies Inc/Handout via REUTERS

(Reuters) - Electric vehicle leasing startup Hive Technologies Inc said on Tuesday it closed a $30 million funding round to expand its fleet for ride-hail drivers who can otherwise not afford the vehicles' higher upfront costs.

Backed by environmental, social and governance (ESG)-focused investors, the company leases EVs to Uber Technologies Inc and Lyft Inc drivers on a per-mile cost basis offering a potentially cheaper option than taking out a loan to buy a new EV.