The European Investment Bank (EIB) has extended a €34 million loan to German startup Vay, which specializes in teledriving technology. This financial boost aims to bolster Vay’s expansion and development of its innovative services across European markets. Vay’s technology allows for remote vehicle operation, enabling trained teledrivers to deliver cars to customers who then assume manual control. This efficient system not only offers a cost-effective mobility solution but also reduces environmental impacts. The EIB’s support underscores the institution’s commitment to fostering technological advancement within the EU, marking another step towards sustainable urban transport solutions.
In recent years, Vay has differentiated itself by operating without a safety driver on public roads—a unique achievement in Europe. The company has been steadily expanding its reach, launching its first commercial service in Las Vegas at the start of 2024. This expansion followed successful tests in Hamburg, Germany, where Vay operated vehicles independently on public roads. Such milestones place Vay at the forefront of teledriving technology, highlighting its potential to revolutionize urban mobility.
How Does Vay’s Teledriving Technology Work?
Vay’s teledriving system is based on allowing remote drivers to control vehicles from a distance, providing a seamless door-to-door experience for users. Once the remotely driven vehicle arrives, the user takes over, driving it manually. After completion of the journey, the responsibility of parking or the next customer pickup is handled by another teledriver. This process presents an alternative to traditional ride-hailing, reducing costs significantly while simplifying urban mobility.
What Are the Strategic Plans for Vay?
Vay aims to expand its presence by introducing its teledrive services to more cities in Europe and North America. The company is also seeking business-to-business partnerships with automotive manufacturers and other stakeholders. The EIB loan serves as a catalyst for this expansion, enhancing Vay’s ability to innovate and adapt its technology for broader application.
The EIB’s investment, backed by the InvestEU programme, is designed to stimulate substantial investment in new technologies across the EU. This support aligns with InvestEU’s goals of advancing research, development, and innovation, which are crucial for sustainable growth. EIB Vice-President Nicola Beer emphasized that such investments are vital for maintaining the EU’s competitive edge in the global market.
Vay’s Co-founder and CEO, Thomas von der Ohe, expressed confidence in the partnership, highlighting its significance for the company’s growth trajectory.
“We are proud that EIB has decided to invest in Vay as these funds will be instrumental in further developing our technology and supporting the company’s growth,” he said.
The investment also seeks to foster trust and confidence among EU regulators and consumers, smoothing the path for Vay’s commercial rollout in European cities.
Vay’s advancements in teledriving technology mark a significant shift in urban transport, offering a model that could potentially reduce the number of vehicles in urban areas. As cities face increasing pressure to manage congestion and pollution, Vay’s approach provides a tangible solution. The ongoing collaboration between Vay and the EIB could play a pivotal role in shaping the future of urban mobility, balancing technological innovation with practical application.
