Denver Unveils EV Car-Share Scheme for Underprivileged Communities

In the wake of the coronavirus pandemic, the City of Denver has partnered with a nonprofit to launch a car-sharing service composed primarily of electric cars to serve underserved communities. The brainchild of Mike Salisbury and his colleagues at the city’s Office of Climate Action, Sustainability and Resiliency (“CASR”), the project will see nonprofit Colorado CarShare operate a fleet of seven EVs in six Denver neighborhoods starting this winter.

The EV car-sharing scheme essentially kills two birds with one stone; it provides underserved communities with sustainable transport at a time when transit services are being reduced, and it is also a step towards meeting Denver’s climate goals. On top of reduced transit services, Salisbury and his colleagues also noticed city residents becoming increasingly uncomfortable with mass transit means. As such, CASR partnered with Colorado CarShare, investing $300,000 in funding from the CARES ACT for the installation of seven shareable EVs at six new charging stations.

For the EVs to be feasible from a financial and logistical angle for front-line employees as well as locals who have felt the most economic stress from COVID-related restrictions, the nonprofit has updated its fees. It will suspend the regular $25 fee for enrolling members and give up to 450 low-income locals $75 in driving credits. Since they are funded by the CARES ACT grant, these deals are slated to last until the end of the year, per the grant timeline. However, Colorado CarShare will keep waiving its monthly membership fee as well as offer low-income members 25% off its cheapest per-hour and per-mile prices indefinitely.

Most of the low-income locals Colorado CarShare has already reached reside in Denver Housing Authority (“DHA”) houses, said CEO and executive director Peter Krahenbuhl. However, the subsidized rates will be available to anyone who can prove they live in affordable housing or are low-income earners. The fleet of seven EVs, which includes Chevy Bolts, Chevy Volts and Nissan Leafs, will start rolling out in December.

Drivers who want to use the EVs will have to register with Colorado CarShare, book a suitable time slot and head to one of the six new charging stations to pick up the vehicle. Since the program covers fuel as well as vehicle insurance, all that registered members will need to drive the EVs will be an active driver’s license coupled with a solid driving record.

Three of the charging stations are in or border Five Points while the rest of them are in the neighborhoods of Sun Valley, City Park West and La Alma Lincoln Park.

Away from Colorado and subject to approval by NASDAQ and company shareholders, Net Element (NASDAQ: NETE) could enter the electric vehicle sector via a reverse merger executed with Mullen Technologies Inc.

NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE

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