Hertz Global Holdings (NASDAQ: HTZ) announced that its subsidiary Oro Mobility has secured an $80 million strategic equity investment from a consortium that includes Cohen Private Ventures and funds affiliated with Certares Opportunities LLC and Knighthead Capital Management, LLC.

Hertz will retain majority economic ownership of Oro and continue to serve as its fleet and corporate services partner. The investment is intended to fund expansion of Oro's fleet, operational infrastructure, technology capabilities, and strategic partnerships.

Oro currently operates approximately 45,000 vehicles across major U.S. mobility markets. The company operates across three business lines: rideshare rentals, driver-led fleet management, and autonomous vehicle fleet management.

Gil West, CEO of Hertz and Executive Chairman of Oro Mobility, said the investment "underscores the strong foundation we've built at Oro and the immense opportunity ahead, validating both Oro's trajectory and Hertz's transformation strategy."

Doria Holbrook, CEO of Oro Mobility, said the capital will allow the company to "accelerate our growth and support the evolving mobility ecosystem."

Andrew B. Cohen, Chief Investment Officer and Co-Founder of Cohen Private Ventures, said his firm believes "Oro has established a differentiated position in a growing and dynamic mobility market."

Hertz established Oro as part of a broader transformation strategy to expand beyond its core vehicle rental business.