At Dollaride, we're always striving to make mobility more accessible, affordable, and sustainable. Elemental Excelerator, a nonprofit investor committed to driving social change through climate technology, has chosen Dollaride as the first recipient of their scale-up project funding, which will enable us to expand our mobility solutions in New York.
Elemental Excelerator has been a long-standing supporter of early-stage projects and has catalyzed investments in climate technology for over a decade. Their enhanced commitment to Dollaride marks the beginning of deeper investments into scale-up projects that can provide the benefits of technology to underserved communities.
This partnership empowers Dollaride to successfully deploy electric commuter vans and charging stations as part of our Clean Transit Access Program, funded with a $500K grant from Elemental. This initiative targets the millions of Americans underserved by public transit who find taxis and rideshare services like Uber and Lyft too costly for their everyday needs.
These electric vans are more than just a means of transportation from one point to another. They unlock access to fresh food, clean air, and quality medical care. With Elemental's funds, we're able to trial new electric vans before expanding our fleet. This gives us the chance to smooth out logistics and scale our services more efficiently, offering a cleaner ride as the way forward. — Dollaride's CEO, Su Sanni,
In New York alone, nearly 2 million residents live in 'transit deserts', areas with limited transportation options. These communities largely consist of low-income citizens, and the health impacts of living in transit deserts can be dire. Our Clean Transit Access Program aims to alleviate this by providing affordable electric shuttle buses and charging infrastructure to certified commuter van drivers operating in these disadvantaged communities. This program was proudly recognized under the $85 million New York Clean Transportation Prizes program in November 2022.
Investing in innovative climate solutions like Dollaride, creates opportunities for environmentally and technologically-based businesses to emerge at the local level. This not only encourages entrepreneurship but also promotes infrastructural and economic growth in areas that have historically suffered from environmental harm. With this initiative, we're moving towards environmental justice, self-determination, and community development.
With new vans and chargers, Dollaride will be able to serve areas in New York with limited public transit. This project could potentially unlock $27M in financing and serve up to 600,000 customers. But the impact doesn't stop there. With the support from Elemental, we're working towards scaling our solutions, unlocking benefits for millions of customers in transit deserts not just in NY, but across the US.
This is a significant leap forward for us at Dollaride. We're thrilled to have the support of Elemental Excelerator as we embark on this journey towards a cleaner, more accessible future. Stay tuned for more updates as we rev up our efforts to bring equitable and sustainable mobility to more communities.
