The National Bank for Economic and Social Development (BNDES) of Brazil has approved a financing scheme for Tembici, a bike-sharing start-up, for an amount in local currency equivalent to about 32 million dollars.

The resources will be allocated to the acquisition of thousands of electric and regular bicycles, which will allow the expansion of the service, as well as investments related to technology and innovation. Half of the funds will be provided by the Climate Fund, an instrument of the National Climate Change Policy, linked to the Brazilian Ministry of the Environment. The 3-year investment project will reduce CO2 emissions, generating new carbon credits in the cities where the service is provided.

Tembici is a leading company in micromobility in Latin America, with approximately 200 million bicycle trips in the main Brazilian capitals, such as Rio de Janeiro, São Paulo, Salvador, Recife and Porto Alegre, as well as Santiago in Chile and Buenos Aires in Argentina.