EverFleet Secures Additional $3M of Credit Financing from Afterglow Climate Justice Fund - to Further Democratize EV Ownership for Underserved Commercial Fleet and Rideshare Drivers
BOSTON, MA / ACCESS Newswire / March 5, 2026 / Spring Free EV (SFEV), a first-of-its kind lending platform for commercial fleet owners and drivers, announced today it is rebranding to EverFleet. The new name reflects the company's long-term goal of reinventing the commercial fleet financing market, and its commitment to providing fleet financing and management for the multi-billion-dollar marketplace of the more than 1M small and medium-sized commercial fleets across the country.
EverFleet 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 through a range of leasing options. EverFleet is tackling the full U.S. commercial fleet market starting with three light-duty segments with immediate pain points, including rideshare, last mile and autonomous fleets.
"Our brand needed to evolve to reflect our expanded goal to provide innovative financing solutions to small and medium-sized fleet owners and rideshare drivers across the country and across industries," said Rob Day, CEO of EverFleet. "The commercial fleet financing market is at a critical inflection point. We have a $370B market with a structural blind spot. The issue is not demand for advanced mobility, it's outdated financing approaches that don't appropriately value new categories of vehicles, or address how to underwrite small fleets. That's where EverFleet comes in. We provide commercial fleets with new leasing solutions designed to help customers capture the economic and operational benefits of BEV adoption."
EverFleet also announced today that it has secured an additional $3M loan from The Afterglow Climate Justice Fund, which will support EverFleet's lease-to-own program for low-income ride-share drivers. First launched by Candide Group in 2024, the Afterglow Climate Justice Fund is a catalytic debt vehicle which provides debt capital to expand access to and/or ownership of affordable clean energy solutions. The debt vehicle focuses on the root causes of climate harm through an intersectional lens of racism, classism, capitalism, economic injustice, and environmental degradation.
"Afterglow is excited to support EverFleet in creating a path to electric vehicles ownership for rideshare drivers regardless of income, banking status, or credit challenges," Co-managing Director of Afterglow, Neal Parikh, said. "Solutions like EverFleet ensure the most marginalized communities and individuals can receive the economic and air quality benefits from transitioning to electric vehicles."
"Democratizing EV ownership for underserved commercial fleet and rideshare drivers is a significant pillar of our expansion strategy, and we are grateful to Afterglow for their partnership," added Day. "EverFleet's leasing program offers a 'drive-to-own' product aimed at marginalized rideshare drivers. This program allows drivers to obtain EV ownership in addition to building credit over time which is crucial for their livelihoods."
Last month EverFleet announced it had received a new infusion of financing to further expand operations. The additional capital supports its expansion in the light-duty commercial fleet market, providing proven, long-lived battery electric vehicles (BEVs) to last-mile delivery operators and rideshare drivers through innovative vehicle leasing solutions. The company received $13M in financing from two asset finance providers, alongside additional corporate equity from existing investors.
EverFleet has already launched operations in Florida, Texas, and New Jersey, with planned expansion into Georgia, Illinois, and California in the coming months. Last September, the company announced it had received a new round of equity financing of $7.2M from Spring Lane Capital. In addition to Spring Lane, EverFleet's early investors include leading tech luminaries.
About EverFleet
EverFleet is a first-of-its kind lending platform for fleet owners and drivers. We offer specialty financing and operations support to the commercial market, helping fleet owners and drivers benefit from the inherent efficiencies and cost advantages of BEV ownership. Our innovative AI-enabled financing model takes into account the "total cost of ownership" advantage and other unique operational benefits that only BEVs can offer, so we can offer optimized financing options. Learn more at www.everfleet.com.
Media Contact:
Cindy Stoller
Confluence Partners
917-331-0418
cstoller@confluencepartners.com
SOURCE: EverFleet
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/automotive/spring-free-ev-rebrands-as-everfleet-with-focus-on-revolutionizing-commercial-fleet-fina-1143644
