FLEETCOR® Strengthens Global EV Capabilities with Motorq and Mina Investments

Rhea-AI Summary

FLEETCOR Technologies (NYSE: FLT) announced a minority investment in Motorq, a connected-car data company, and a follow-on investment in Mina, a digital recharging platform. These partnerships aim to streamline the charging and payment process for commercial fleets using electric vehicles (EVs). The investments enhance FLEETCOR’s and its partners' capabilities in managing fleet data and operations, especially for EVs. This strategic move positions the company for growth in the U.S. and European markets as the adoption of EVs accelerates.

Positive

• Minority investment in Motorq enhances FLEETCOR's data management for EV fleets.
• Follow-on investment in Mina expands digital payment capabilities for electric vehicle charging.
• Strategic partnerships position FLEETCOR for growth in U.S. and European markets.

Negative

• None.

ATLANTA--(BUSINESS WIRE)-- 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.”

About FLEETCOR^®

FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that simplifies the way businesses manage and pay their expenses. The FLEETCOR portfolio of brands help companies automate, secure, digitize, and control payments on behalf of their employees and suppliers. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.

About Motorq

Motorq is the leading connected-car data and analytics company. Our APIs and Machine Learning enable large fleet owners, fleet management companies and dealer services providers to leverage data and actionable insights from the fragmented set of built-in and aftermarket advanced connected-car systems. Motorq's cloud-based system performs ingestion, normalization, stream analytics processing, and data provisioning via APIs and other methods. Motorq enables businesses to implement connectivity-derived insights better, faster and less expensively, so they reduce costs, create new experiences, and focus on their core. Additional information is available at www.motorq.com or contact info@motorq.com.

About Mina

Mina is an award-winning Electric Vehicle (EV) charging payment startup with a mission to make EV charging radically simple. Mina has the UK’s only charging solution which allows fleet vehicles to be charged at home, crediting payment for the drivers’ energy used directly to their energy supplier. This makes paying for EV charging accurate and easy for employers and employees. For more information, please visit www.mina.co.uk.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220208006218/en/

Investor Relations

Jim Eglseder, 770-417-4697

Jim.Eglseder@fleetcor.com

Media Relations

Chad Corley, 770-729-5021

Chad.corley@fleetcor.com

Source: FLEETCOR Technologies, Inc.

FAQ

What is FLEETCOR's recent investment related to electric vehicles?

FLEETCOR announced a minority investment in Motorq and a follow-on investment in Mina to enhance EV fleet management.

How does FLEETCOR plan to benefit from its investment in Motorq?

The investment in Motorq will improve FLEETCOR's data collection and analytics for managing EV charging events.

What capabilities does the partnership with Mina provide for FLEETCOR?

The partnership with Mina simplifies the charging and payment process for fleets using electric vehicles, particularly for at-home charging.

What stock symbol is FLEETCOR traded under?

FLEETCOR is traded under the stock symbol FLT on the NYSE.