Tech Innovators Cleaning up the Ride Sharing Business
LONDON, April 7, 2020 /PRNewswire/ -- As the global economy faces $1 trillion in damages within five years because of climate change, the explosive ride-sharing business is facing heightened scrutiny as one of the transportation sector's biggest new polluters. Mentioned in today's commentary includes: General Motors Company (NYSE: GM), Ford Motor Company (NYSE: F), Baidu, Inc. (NASDAQ: BIDU), Apple Inc. (NASDAQ: AAPL), Alphabet Inc. (NASDAQ: GOOGL).
So, when a group of tech innovators with a vision of environmental and social responsibility from Ontario's 'Silicon Valley' unleashed the next generation of CO2-reduced ride-sharing, Wall Street is likely to pay attention.
Ride-sharing 2.0 is being redefined by Facedrive (FD.V), which now offers riders something they can't get from Uber or Lyft: A carbon-offset way to share a ride.
Facedrive's business model puts the "people and planet first", and that means planting trees and offsetting the CO2 for every ride hailed. The company's innovative, state-of-the-art, in-app algorithm calculates estimated CO2 emissions for each car journey and allocates a monetary value to the local organizations to plant trees. Last year alone, in partnership with Forest Ontario, they planted over 3,500 trees in their soft launch phase.
For the first time in ride-sharing history, a company allows its riders to choose between EVs, hybrids and traditional cars. It's a choice no one's ever given to consumers--all without customers having to pay a premium.
Trees and the New Investing Mega-Trend
There are three realities that have come together to position Facedrive to change ride-sharing forever.
First, ESG (environmental, social and governance) investing isn't just a fad anymore--it's minting millionaires and billionaires. It's in high demand, and it's pressuring companies to make major changes. It's the ethical squeeze of the century. From Jeff Bezos' $10-billion commitment to a Global Earth Fund to BlackRock CEO Larry Fink, we're now seeing major ESG assets under management. BlackRock will increase its ESG assets from $90 billion to $1 trillion within a decade.
The second reality is that ride-sharing is already huge and set for explosive growth in our "sharing" economy. The global market is already worth $235 billion, according to Canada's commercial banking giant, Scotiabank, which has jumped on the Facedrive bandwagon as it embraces ride-sharing 2.0.
The third reality is that this same explosive growth is also having a huge negative impact on the environment. A recent study by the Union of Concerned Scientists estimates that the average (U.S.) ride-hailing trip results in 69% more pollution than whatever transportation option it displaced.
Facedrive (FD.V) is positioned to solve this critical environmental problem by changing the footprint of ride-sharing, forever--and their goal is, without sacrificing profit.
According to researchers, it would require $300 billion to plant that many trees, working out to less than USD$1.50 per tonne of CO2 removed. In contrast, the best carbon capture technologies boast a breakeven point of ~$50/tonne of CO2 removed, or about 33x the cost of planting trees.
Each year, plants remove about 25% of the carbon emissions produced by human activities such as burning fossil fuels while a similar amount ends up in the oceans. So, Facedrive is getting back to Mother Nature, and millennials love that.
This next-gen ride-share company also offers customers a choice for every ride; whether they want an EV, a hybrid, or a conventional car and then offsets the CO2 for ALL types of rides.
While Uber and Lyft were busy spending billions of dollars bringing ride-sharing into the mainstream, Facedrive was already getting ahead of the game, pinpointing the major problems the ride-hailing explosion was going to create for the environment at a time when investors are squeezing companies over ethics.
Facedrive doesn't have to spend big on bringing ride-sharing into the mainstream, which is exactly why the giants in this space aren't seeing any profit. There's a lot of money to recoup.
What Next for Ride-Share 2.0?
It only gets greener from here--in more ways than one. Facedrive's ride count has gone from 200 a day just 4 months ago to 1,000+ rides per day right now--and counting. In Ontario, Facedrive has been planting trees even before it went public in September 2019 and plans to move to over 15 cities over the next 24 months.
Its vision is to become #1 recognized eco-friendly and socially responsible TaaS (Transportation as a Service) platform and to benefit every community it enters. It's already partnered with Canadian mobile giant to build a ride-sharing ecosystem with a unique ethos and revenue model, and even celebrities such as Will Smith and Jada Pinket Smith are on board with the first company in ride-sharing history to offset carbon in the best way possible, and for real.
Now, it's planning to take its ride-sharing plus tree-planting global. The next stop is the United States and Europe, where the launch is already being prepared.
With ESG investing the hottest mega-trend in investing right now, and with ride-sharing going even beyond the mainstream, the company that plants trees while you ride and fixes all the mistakes that the giants of ride-sharing 1.0 made is positioned at that lucrative intersection of people, planet and profit.
Tech Giants Join the ESG Push
Google's parent company Alphabet (GOOGL) is a shining star in the tech world. Despite being one of the largest companies on the planet, in many ways it has lived up to its original "Don't Be Evil" slogan.
Not only is Google powering its data centers with renewable energy, it is also on the cutting edge of innovation in the industry, investing in new technology and green solutions to build a more sustainable tomorrow.
It's bid to reduce its carbon footprint has been well received by both younger and older investors. And as the need to slow down climate change becomes increasingly dire, it's easy to see why. It's no secret that Apple (AAPL) has always thought outside of the box. And when it brought back Steve Jobs in 1997, the company really took off. Jobs also paved the way to a greener future for the company.
From the products themselves, to the packages they came in, and even the data centers powering them, Steve Jobs went above and beyond to cut the environmental impact of his company.
Transportation Mega-Companies Scramble To Stay In The Mix
General Motors (GM) has created its own brand of electric bikes, called Ariv. The bikes were just launched this year, but have already captured the attention of the European market. While they err on the side of pricey, coming in at $3,800 per unit, they do boast a high top speed and can travel a modest distance on a single charge.
The kicker for many, however, is that they can fold into an easily carriable pack, making them the perfect choice for a lot of commuters. Especially in big cities like London or Berlin.
Ford (F) is taking a different approach. It's swooped right into the scooter market, buying Spin for a clean $100 million.
Initially deployed in San Francisco back in 2017, Spin is widely considered to be a part of the Big Three of the scooter world, along with Lime and Bird. While Ford's buyout of Spin made headlines, it's certainly not the first urban transportation alternative Ford's sunk its teeth into.
In recent years, Ford also bought commuter shuttle service Chariot, Autonomic and TransLoc, aiming to ensure that it does not miss the boat as this new movement accelerates.
BAIDU (BIDU), for its part, is taking on the automated car market. With more miles under its belt than any of its competitors in Beijing, it's an easy choice for a number of investors.
Likewise, it has an equally large portfolio of innovative new technology…at a lower entry point than its competitors. As the 'Chinese Google,' Baidu is following a similar path to its American counterpart. It began as a search engine but is quickly expanding into almost all things tech related. From artificial intelligence to television and finance, Baidu's ever-expanding reach is a not to be ignored. Especially for investors looking to stay on top of the new tech trends.
By. Meredith Taylor
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This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this publication include that the demand for ride sharing services will grow; that the demand for environmentally conscientious ride sharing services companies in particular will grow; that Facedrive can achieve its environmental goals without sacrificing profit; that Facedrive plans to move to over 15 cities over the next 24 months; that Facedrive will be able to fund its capital requirements in the near term and long term; and that Facedrive will be able to carry out its business plan. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include changing governmental laws and policies; the company's ability to obtain and retain necessary licensing in each geographical area in which it operates; the success of the company's expansion activities; the ability of the company to attract a sufficient number of drivers to meet the demands of customer riders; the ability of the company to attract drivers who have electric vehicles and hybrid cars; the ability of the company to keep operating costs and customer charges competitive with other ride-hailing companies; and the company's ability to continue agreements on affordable terms with existing or new tree planting enterprises in order to retain profits. The forward-looking information contained herein is given as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
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