EV car subscription company wins £68k Government investment

Elmo, the UK-based electric car subscription company, has won £68,000 in funding from Innovate UK to help grow its platform.

Innovate UK, as part of UK Research and Innovation, is investing up to £191 million to fund single and collaborative research and development projects as part of the Sustainable Innovation Fund over the next two years.

The aim of these competitions is to help all sectors of the UK rebuild after the effects of COVID-19.

Elmo offers customers flexible and net zero ‘total cost of ownership’ subscriptions for electric cars.

Monthly prices start from £379 a month for 12-month contract for a Renault Zoe and includes maintenance, breakdown cover, insurance and carbon offsetting.

Oliver Jones, co-founder of Elmo, said: ‘At Elmo, we believe that everyone should have access to safe and effective transport that’s sustainable for the planet and their wallet.

“We see Elmo having a unique role to play as the UK builds back better following the COVID-pandemic.

“By providing people easier access to electric cars through our flexible subscriptions, we can support the growth of clean transport.”

Jones said the funding would help Elmo to scale its services to meet the 90% increase in demand for its leasing subscriptions the company has seen since the onset of the coronavirus pandemic.