Crédit Agricole subsidiary Crédit Agricole Leasing & Factoring makes equity investment in Watèa by Michelin

Crédit Agricole subsidiary Crédit Agricole Leasing & Factoring makes equity investment in Watèa by Michelin

(PRESS RELEASE) CLERMONT-FERRAND, France, 1-Dec-2022 — /EuropaWire/ — Michelin (EPA: ML), a French multinational tire and mobility leader and the 2nd largest tyre manufacturer in the world, has announced that its new startup Watèa, a tailor-made electric mobility solution for professional vehicle fleets, has attracted a new equity investment from Crédit Agricole subsidiary Crédit Agricole Leasing & Factoring. The startup will use the funds to speed up its growth and make fleet electrification easier while promoting the energy transition.

Launched in 2021, Watèa by Michelin accompanies the transition of professional fleets towards simple and efficient electric mobility, through tailor-made solutions. In one year, Watèa by Michelin has already conquered over 10% of the last-mile delivery market in France and is quickly growing with Buildings & Public Works companies and housing services.

THE AGREEMENT PROTOCOL SIGNED BETWEEN THE PARTNERS IS BASED ON TWO APPROACHES

• Watèa by Michelin’s deployment of tailor-made mobility solutions that are ever more high-performing and adapted to company needs.
• A finance offer from Crédit Agricole Leasing & Factoring for VSBs, SMEs and large groups to help them complete their energy transition projects.

The equity investment by Crédit Agricole, through its subsidiary Crédit Agricole Leasing & Factoring, is part of the extension of a partnership that began when Watèa by Michelin was created, in order to fund energy transition projects. It will allow both Groups to meet the specific needs of a greater number of client fleets.

Two representatives of Crédit Agricole Leasing & Factoring will sit on the Watèa by Michelin board. The company will therefore benefit from their financial expertise, and it will also allow them to make it easier to implement collaborations, especially commercial ones.

WATÈA BY MICHELIN, AN INNOVATIVE ALL-IN-ONE OFFER ALLOWING FOR RECONCILING THE ENERGY TRANSITION, PRODUCTIVITY, AND COST OPTIMIZATION

On the basis of a simple monthly subscription, Watèa by Michelin offers a host of integrated services: recommending suitable electric vehicles, travel analysis, identifying the best finance solutions, orchestrating vehicle deployment, proposing charging solutions, and a digital platform to help users and drivers manage their activity easily.

MICHELIN IS SPEEDING UP THE DEVELOPMENT OF MOBILITY SERVICES AND SOLUTIONS BEYOND THE TIRE

In line with its “Michelin in Motion” strategy outlined in April 2021, Michelin intends to develop some of its activities beyond the tire. The opening of Watèa’s share capital, a little more than a year after it was established, illustrates this desire to speed up the development of Michelin’s activities in the field of mobility services and solutions.

According to Lorraine Frega, Business Director – Distribution, Services and Solutions, Strategy, Innovation, and Partnerships: “Michelin has developed expertise unique in the fleet management field, allowing it to offer a set of services that improve its clients’ operational performances, make their everyday lives easier, and contribute to decarbonizing mobility. We are delighted to welcome Crédit Agricole Leasing & Factoring to Watèa’s share capital. The signing of this agreement protocol will allow for speeding up its growth and is fully in line with the Michelin Group’s strategy, thus demonstrating the latter’s ability to add value to its know-how beyond the tire.”

Stéphane Priami, Deputy CEO of Crédit Agricole, responsible for the Specialized Finance Services, declared, “Crédit Agricole’s strategic investment in Watéa by Michelin forms part of the Group’s aim to become the European leader in green mobility and will allow our professional and business clients to speed up “going green” and allow their vans to access low-emission zones. The combination of Watéa by Michelin’s know-how in terms of tailor-made mobility solutions and that of Crédit Agricole Leasing & Factoring in terms of financing will create a champion for full and economically viable electric mobility offers for professionals and companies.”

SOURCE: MICHELIN