FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today announced a minority investment in Motorq, a leading connected-car data and analytics company, and a follow-on investment with Mina, a cloud-based digital re-charging software platform. The U.S. partnership with Motorq and international partnership with Mina establishes a new standard for managing commercial fleets with electric vehicles (EV) by simplifying the charging and payment process.
FLEETCOR’s complementary relationships with Motorq and Mina strengthen an advanced suite of management tools that provide businesses with data, controls, and digital payment capabilities regardless of the mix of fleet vehicles including EVs that require access to at-home charging. The investments also provide the capital to scale FLEETCOR’s product offering more quickly across regions.
Driven by a need for businesses to reimburse employees who charge their company EVs at home, FLEETCOR is partnering with Motorq in the U.S. and Mina in the U.K. to capture charge event data directly from EVs and home charging stations, respectively. These solutions allow fleet customers to accurately track all EV charging events, and by doing so enable reimbursement of employees for at-home charging.
“As businesses increasingly look to adopt EVs on a global basis, managing fleets becomes more challenging,” Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “We are at the forefront of this transition by providing a comprehensive advanced management platform to help customers efficiently manage fleets with any fuel mix. With these investments, we’re uniquely positioned to realize sustained growth in the U.S. and in Europe as EV continue to become more prevalent among commercial fleets globally.”