VEMO Secures US$60 Million Funding from OIC For Clean Mobility

VEMO, a leading Mexican cleantech company, announced a strategic capital partnership of up to US$60 million with the sustainable infrastructure investment firm Orion Infrastructure Capital (OIC), which has joined as an investor to accelerate clean mobility adoption in Latin America.

Founded in Mexico City in July 2021, VEMO’s business model integrates vehicles, charging infrastructure, technology, and a data intelligence platform. This integration enables optimal management of the clean mobility ecosystem, focusing on high-utilization transportation markets where clean mobility can be cost competitive.

OIC joins Riverstone Holdings in 2021 as the second US fund specializing in sustainable infrastructure to invest in VEMO. OIC focuses on large transportation markets with high utilization levels where clean mobility is advantaged by its total cost of ownership, with the added benefit of generating synergistic, high utilization demand on its charging network.

VEMO's innovative model aligns with OIC’s goal to partner with pioneering companies in sustainable infrastructure, reflecting a convergence of experience and vision in the sustainable mobility landscape, says Gerrit Nicholas, CIO and Co-Founder, OIC.

"We were particularly impressed by the track record, execution, and capabilities of VEMO's management team and employees. We are confident VEMO possess the inventive mindset, drive, and technical capabilities required to accelerate the clean mobility transition in the region," says Drew Karian, Managing Director and Investment Principal, OIC. 

VEMO plays a disruptive role in the clean mobility space, says Roberto Rocha, Co-Founder and CEO, VEMO. The company’s milestones include operating over 75 million electric km via light vehicles, trucks, and buses in Latin America and establishing a robust charging center network by installing more than 55MW in chargers for corporate and residential clients across all of Mexico.