Cool announces that, after careful consideration, it will be ceasing operations as of 27 January 2023. Cool was set up in 2019 as Malta’s first ridesharing company, a service designed to join together multiple passengers travelling to similar destinations into the same vehicle. This offered consumers a cost-effective, environmentally friendly and traffic-reducing alternative to single occupancy transportation, such as private cars and cabs.
Michael Debono, Executive Director at Debono Group, which owns the Cool brand, said that the group is proud to have introduced the concept of shared rides in Malta. This was an innovative and purpose-driven mode of mobility which helped reduce the country’s significant traffic congestion problem, while encouraging a shift of consumer behaviour to more sustainable solutions.
Cool estimates that when compared to the same trips being made in a car or private cab, its service decreased traffic congestion by 58% and emissions by 48%. Data from Cool showed that the service had the biggest positive impact on traffic during the weekly peak hours of congestion, whereby vehicles that were part of the Cool service were carrying an average of 4 passengers per vehicle, and in some instances up to 8 passengers per van, as opposed to one passenger per vehicle in the case of private cars and taxis.
Similar ridesharing models have proved successful in over 35 countries, whereby government transport policy incentivises the use of such services. Without such policy, it has become clear that the mobility services delivered by Cool will not be a feasible solution going forward. According to the latest national transport survey, almost 90% of all trips in Malta take place by means of single-occupancy vehicles such as private cars and cabs and therefore a modal shift in transportation is required with a transport policy that promotes traffic-reducing solutions.
Cool thanks its customers as well as its employees and drivers for their loyalty and service over the past years.
Cool will refund all its pass users by Friday 27 January and will ensure that its driver partners are paid in full. Debono Group is committed to remain an active player in the mobility space by striving to deliver innovative solutions and remains engaged with several stakeholders – both private and public – to seek new opportunities in the mobility space.