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Omni's mobile app. Photo: Omni

Omni, an on-demand storage company that recently allowed customers borrow items from each other for free, will now let its customers rent or lend out items stored by Omni for a fee.

Bigger picture: Omni is finally pushing the "sharing economy" button it's had in mind since the company's founding three years ago. Though it's made a good business out of just storing items, "we expect [the two revenue streams] to grow in lockstep with each other," Omni co-founder and CEO Tom McLeod tells Axios.

The details:

  • Omni pitches itself as "additional closet space" for items customers want to keep and access, yet don't need on a regular basis — like power tools and camping gear.
  • The startup, which operates in most of the Bay Area, takes 50% of the earnings, but it handles everything including dropping off and picking up the rented items, collecting payments, and even providing insurance up to $2,000.
  • Items stored by Omni are used 38 days per year on average, so plenty of opportunity to rent them out the rest of the time. It says it currently stores more than 100,000 items.
  • 60% of the users requesting items through Omni's free borrowing feature don't have items of their own in storage — something the company says shows the high demand for this type of service.

Go deeper

Ben Geman, author of Generate
35 mins ago - Energy & Environment

Key clean power provision likely won't survive in Dems' spending bill

A construction worker walks along a dirt road at the Avangrid Renewables La Joya wind farm in Encino, New Mexico, on Aug. 5, 2020. Photo: Cate Dingley/Bloomberg via Getty Images

A pillar of Democrats' plans to speed deployment of zero-carbon electricity is likely to be cut from major spending and tax legislation they are struggling to move on a party-line vote, per multiple reports and a Capitol Hill aide.

Driving the news: The New York Times, citing anonymous congressional aides and lobbyists, reports that West Virginia Sen. Joe Manchin (D) has told the White House he "strongly opposes" the Clean Electricity Performance Program.

Updated 3 hours ago - World

Fatal stabbing of British MP David Amess declared a terrorist incident

Police outside Belfairs Methodist Church in Leigh-on-Sea, England, on Oct. 15. Photo: John Keeble/Getty Images

Authorities have declared the death of David Amess a terrorist incident, hours after the Conservative Party lawmaker in the U.K. was fatally stabbed while meeting with local constituents in a church in eastern England on Friday.

The big picture: The Metropolitan Police has found "a potential motivation linked to Islamist extremism."

Biden: DOJ should prosecute those who defy Jan. 6 subpoenas

President Biden speaks with reporters at Bradley International Airport in Windsor Locks, Connecticut. Photo: Brendan Smialowski/AFP via Getty Images

President Biden said Friday that the Justice Department should prosecute those who defy subpoenas from the Jan. 6 select committee.

Why it matters: The president's remarks come one day after Donald Trump ally Steve Bannon failed to show up for a deposition before the committee.