Fleetcor Technologies Acquires Minority Interest In EV Re-Charging Software Platform Mina For Undisclosed Sum

Fleetcor Technologies Inc FLT has acquired a minority stake in cloud-based digital software platform, Mina. Mina's cloud-based platform has simplified charging and payments management for commercial fleets with electric vehicles (EVs).
The financial terms of the transaction were not disclosed.
The Mina platform combined with home and work charging points throughout the U.K. to capture energy costs accurately.
Mina is the U.K.'s only EV charging solution that credited payment for the drivers' energy used while charging at home for business purposes to their energy provider.
FLEETCOR can provide the Mina solution to commercial fleet customers shifting to EV by eliminating the payment complexities of expense reclaim and EV charging,
The investment will help Fleetcor re-fuel and re-charge its vehicles, irrespective of their location, capitalizing on its re-charge energy capture and automatic utility payment, stated CEO Ron Clarke.
Fleetcor held $935 million in cash and equivalents as of Dec. 31, 2020.
Price action: FLT shares traded higher by 1.1% at $284.35 on the last check Thursday.