New Resource Bank and Green Commuter Finalize Agreement to Finance the Launch of Vanpool and Car Sharing Program Throughout Southern California

LOS ANGELES–(BUSINESS WIRE)–#Tesla–New Resource Bank has approved a $1.5 million line of credit to
facilitate Green
Commuter’s
fleet expansion to 30 all-electric, long range,
7-passenger vehicles. With this financing, Green Commuter will launch
its vanpool, car share and fleet replacement program geared to disrupt
traditional commuting in Los Angeles.

“We are always proud to work with companies that share our
triple-bottom-line approach to business and focus on not just making a
profit, but are also committed to managing the impacts of their business
on people and the planet. Green Commuter is just that sort of company —
they are passionate about their mission, take environmental
responsibility very seriously, have a committed management team and
demonstrate their values through their legal structure as a benefit
corporation. They are a perfect addition to our portfolio of companies
working to build a better world,” said Robert S. Holden, New Resource
Bank EVP and Chief Lending Officer.

Green Commuter’s business model is to rent its fleet of zero emission
vehicles for vanpool and car share. With its proprietary technology,
Green Commuter leases its fleet of Tesla Model X vehicles to vanpoolers
during commuting hours and to car share users or companies for fleet
replacement, the rest of the time. Currently, there are more than 3,000
organized vanpools in the Southern California area consisting mainly of
blue collar workers living in disadvantaged communities who commute on
average 94 miles roundtrip.

“We are grateful for this financing partnership with New Resource Bank.
Being mission driven themselves, New Resource understands what we want
to achieve and helped us secure the financing in an efficient manner,”
said Gustavo Occhiuzzo, CEO of Green Commuter. “Through this loan, we
can implement a method of transportation that is more environmentally
friendly and less expensive than currently available vanpooling.”

About Green Commuter

Green Commuter is a B Corp with its mission to decrease the cost of
commuting, help alleviate traffic and reduce greenhouse gas emissions.
The efficiency and utilization of its zero emission vehicles
dramatically increases the benefits to its clients, helps reduce traffic
and improves air quality. www.greencommuter.org

Green Commuter’s Social Media sites:
https://www.facebook.com/greencommuterinc/
https://twitter.com/gogreencommuter
https://www.instagram.com/greencommuterinc/
https://www.linkedin.com/company/green­commuter

About New Resource Bank

New Resource Bank is a triple-bottom-line bank serving values-driven
businesses and nonprofits that are building a more sustainable world. We
see money as an agent of positive social, environmental and economic
change and believe banking can transform the economy into one that
serves all people and the planet. We put deposits to work for good by
lending to organizations that benefit our communities and preserve our
planet.

Contacts

Green Commuter
Bart Sidles
bsidles@greencommuter.org