Private Equity Veteran Rob Day Has Been Named CEO
SAN FRANCISCO, CALIFORNIA / ACCESS Newswire / September 19, 2025 / Spring Free EV (SFEV), a first-of-its-kind lending platform for EV fleet owners and drivers, announced today it has received a new round of financing of $7.2M led by Spring Lane Capital. SFEV specializes in providing specialty financing and fleet operations support to small and medium enterprises (SME), helping fleet owners and drivers convert their vehicles and benefit from the efficiencies and cost advantages of EV ownership.
The new financing will enable Spring Free EV to pursue its strategic goal of financing e-fleet conversions across the U.S. With this investment, Spring Lane Capital, a Boston based $450M private equity firm, will hold a majority stake in the company. In addition to Spring Lane, Spring Free EV's early investors include leading tech pioneers Reid Hoffman (LinkedIn), Ev Williams (Twitter), and other tech luminaries.
Spring Free EV also announced today that industry veteran Rob Day has been named CEO, effective immediately. Spring Free EV's former CEO and co-founder, Sunil Paul, will continue to advise the company.
Spring Free EV was launched in 2021, operates nationwide, and is the first to provide comprehensive EV-focused fleet financing and management for the multi-billion-dollar marketplace of the more than 200,000 small and medium-sized commercial fleets across the country. The company aims to cut the cost of vehicles for commercial fleet owners in sectors like rideshare, last mile delivery, and essential services by leveraging the inherent cost and performance advantages of today's already-available electric vehicles. The company's innovative financing platform helps business owners realize the savings by significantly reducing up-front costs and through a range of leasing options.
"We are proud to be an early and ongoing supporter of Spring Free EV," said Jason Scott, Partner and Entrepreneur in Residence, Spring Lane Capital. Spring Lane is focused on scaling the infrastructure of tomorrow by deploying sustainable solutions in the energy, food, water, waste and transportation industries. "EV ownership provides financial advantages including lower fuel costs and maintenance costs as well as environmental benefits for fleet drivers across the country," added Mr. Scott. "But until now, SMEs of under 100 vehicles in particular have traditionally not had good access to the best financing and fleet management for their needs. SFEV's innovative AI-enabled financing model takes into account the 'total cost of ownership' advantage and other unique operational benefits that only EVs can provide, so they can offer better performance."
"I believe Spring Free EV can help accelerate the electric vehicle revolution in the U.S., and I am excited to take on the role as CEO of the company," said Rob Day. "The market just so happens to be right where we want it to be - primed for rapid growth. By utilizing the latest tools for fleet management, as well as innovative financing, Spring Free EV can solve small and medium-sized fleet owners' biggest problems. We can help them shift to lower-maintenance, longer-lasting, better-performing, fuel-efficient vehicles and add to their bottom line. SFEV's model takes advantage of the cost savings but also the intelligence built into EVs to offer attractive financing to SME fleets and drivers. We believe SFEV enjoys an appreciable first-mover advantage when it comes to servicing the SME market, and our team is eager to continue supporting fleet owners in their mission to reap all the benefits that EV ownership has to offer."
Mr. Day has been a sustainable resources private equity and venture investor since 2004, and acts or has served as a Director, observer and advisory board member to multiple companies in the energy tech and related sectors. He is currently a Co-Founding Partner at Spring Lane Capital. Mr. Day has long been a thought-leader in the world of sustainability private equity and is bringing this experience and vision to the role with Spring Free EV.
"As an investor in Spring Free EV, we are delighted to see Rob take on this leadership role at the company. Rob brings an intricate know-how of the EV financing sector, a deep network across Silicon Valley and the passion for expediting EV ownership and adoption for fleet owners across the country," Jason Scott added.
About Spring Free EV
Spring Free EV is a first-of-its-kind lending platform for EV fleet owners and drivers. We offer specialty financing and fleet operations support to the SME marketplace, helping fleet owners and drivers convert their vehicles and benefit from the efficiencies and cost advantages of EV ownership. Our innovative AI-enabled innovative financing model takes into account the "total cost of ownership" advantage and other unique operational benefits that only EVs can offer, so we can offer better financing. Learn more at www.springfreeev.com.
Contact Information
Cindy Stoller
Managing Director
cstoller@confluencepartners.com
(917) 331-0418
SOURCE: Spring Free EV
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/transportation/spring-free-ev-announces-new-round-of-financing-led-by-spring-lane-capital-1075899
