Micromobility leader’s strengthened balance sheet, significantly reduced operating expenses positions company well for long-term profitable growth; Global momentum continues with new tech and market entries
Spin and Bird today announced that they have successfully emerged from Chapter 11 proceedings under a newly organized private parent company called Third Lane Mobility Inc. With a strengthened balance sheet, reduced operating expenses and right-sized capital structure, the transaction included the sale of Bird’s assets to Third Lane Mobility, which encompasses both the Bird and Spin Brands. Spin and Bird will continue to operate in and serve cities across the globe and are well positioned for long-term, sustainable growth as they maintain and expand operations across North America, Europe, the Middle East and Asia.
Over the last three months, both Spin and Bird have won multiple new competitive bids and announced the launch of service in several new cities, including Corpus Christi, Texas; Greensboro, North Carolina; the University of Illinois; Surrey and Mississauga, Canada; Naples and Torino, Italy; as well as competitive renewals of service in Gap, France and Zaragoza, Spain.
"Today’s announcement marks the beginning of a new chapter for us as we embark on our next step as a private company. We are a substantially stronger business financially with many opportunities ahead that position us for long-term growth around the world,” said Michael Washinushi, Co-CEO. “We look forward to both servicing and expanding our city partnerships as we deliver on the promise of micromobility by offering an alternative, eco-friendly mode of transportation to locals and tourists alike.”
This news comes just in time for spring as Spin and Bird enter their busy season and communities get back outdoors. With nearly 90 markets reopening for the warmer weather, the company anticipates tens of millions of rides across its global footprint in the coming months. More than 200,000 vehicles will be available around the world, including Spin’s and Bird’s and newest and most technologically advanced models which include swappable lithium-ion batteries, a front and rear braking system, and an anti-tip kickstand, among many other features.
“We are excited to partner with all these communities, working together to enhance the livability of each one. We are deeply committed to operating Bird and Spin for the long-term and thank our city partners for maintaining trust during this process. Together we can reduce carbon emissions and create a more sustainable future,” added Stewart Lyons, Co-CEO.
In the last year alone, Bird and Spin riders traveled over 51 million miles globally, which equates to circling the earth more than 2,050 times and tens of millions of motor vehicle trips not taken. Together, these riders also helped prevent 10,191 metric tons of C02 emissions. Bird’s acquisition of Spin in September 2023 made it the largest micromobility operator in North America.
About Third Lane Mobility
Third Lane Mobility is the largest micromobility operator in North America through its subsidiaries Bird and Spin. Third Lane Mobility is an electric vehicle company dedicated to bringing affordable, environmentally friendly transportation solutions such as e-scooters and e-bikes to communities around the world. Bird and Spin's cleaner, affordable, and on-demand mobility solutions are available in 350 cities, across Canada, the United States, Europe, and the Middle East. We take a collaborative, community-first approach to micromobility. Bird and Spin partner closely with the cities in which they operate to provide a reliable and affordable transportation option for people who live, work, and visit there.
For more information please visit spin.app, bird.co, and thirdlane.co.
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