New Leasing Program From HowToRobot Designed to Make Robots More Affordable

HowToRobot announced this week its new automation leasing program. U.S.-based businesses can now apply for 36- or 60-month lease on robot purchases. The flat monthly rate includes the cost of the robot, integration, training, and more.

Various lease options allow businesses to own, purchase, renew, or exchange equipment at the end of the lease term, according to HowToRobot. Businesses can apply at the company's website. Cleveland-based River Capital Finance is providing the financing.

HowToRobot claimed that it is the world's leading matchmaking platform for robotic automation, connecting businesses with over 16,000 robot and automation suppliers globally -- over 1,100 in the U.S. -- and a range of services for quotes on robots, leasing options, and more.

“Our mission at HowToRobot is to make robots accessible,” said Søren Peters, CEO of HowToRobot. “By partnering with River Capital Finance for leasing, we’re opening up the market to everyone, allowing businesses of any size to lease any kind of robot.”

A more digestible financing plan

While the demand for robots is higher than ever, cost remains a major obstacle to further robot adoption, HowToRobot argued.

The company turned to a study published by the Massachusetts Institute of Technology (MIT), that said businesses repeatedly cite the high costs of the robotic equipment as well as its integration into the production line as a challenge.

With this new leasing service, U.S.-based companies can avoid the initial investment and only pay a monthly rate much lower than the cost of renting the equipment, said HowToRobot. A robot of $130,000 could cost $2,549 a month in leasing, or $16 an hour, with integration costs included.

“We are thrilled to offer HowToRobot’s customers a low-cost option that allows them to take that first step into the right robotics solution,” said Mike Jones, senior vice president at River Capital Finance.

“HowToRobot was already fulfilling a huge need in the market by helping their customers select the right solution and matching them with the right provider as they start or continue their journey in robotics,” he said. “Providing them an affordable option is the perfect next step to bring robotics to the masses.”

HowToRobot is exhibiting at Booth 2655 at Automate 2022 in Detroit this week.