June 19, 2024
News

Zenobē raises £410m in funding to expedite electric bus deployment

Zenobē, a provider of electric vehicle fleet and battery storage services, has secured an additional £410m ($522.7m) in financing to accelerate the rollout of electric buses across the UK.  

This funding aims to transform the urban mobility sector by offering financial solutions to support bus operators in delivering more than 2,000 new electric buses in the UK and Ireland by 2026. 

The financing will build on Zenobē’s existing £241m platform and bring its total green debt funding since 2019 to over £1bn.  

Zenobē’s battery management service is also a key offering, transferring battery risk from operators to the company, including performance, replacement, and second-life applications. 

In Yorkshire, Zenobē is collaborating with Transdev Blazefield to finance 39 electric vehicles at the Harrogate depot, complemented by a 15-year battery management service.  

In Nottingham, Zenobē financed 24 batteries for Nottingham City Transport’s electric bus fleet, enhancing their ZEBRA allocations. 

Zenobē’s services aim to eliminate financial and operational barriers to fleet electrification, thereby reducing ongoing costs.  

The company has attracted a network of 13 lenders, including Aviva, Lloyds, MUFG, NatWest and Société Générale. Newcomers ABN AMRO, CIBC, NAB, Rabobank, and SMBC Group have joined the syndicate, supporting the expansion of green public transport. 

Zenobē founder and director Steven Meersman said: “This expansion of our existing financing will help us continue our work with operators across the UK with specialist solutions to one of the biggest barriers to electric fleets – the upfront cost.  

“By gaining both new and renewed support from the right financial partners we are taking another step forward in our mission to electrify the UK’s buses at scale, reducing carbon emissions and connecting more communities in the UK.” 

Last month, ComfortDelGro obtained a S$100m ($73.47m) green loan from DBS to decarbonise its UK bus fleet, resulting in the purchase of 135 electric buses for its London subsidiary Metroline.


Frequently Asked Questions

1. What is Zenobē’s main offering in the electric vehicle sector?

2. How much funding has Zenobē secured for the rollout of electric buses in the UK?

3. Which lenders are part of Zenobē’s syndicate for green public transport expansion?

4. How is Zenobē eliminating financial and operational barriers to fleet electrification?

Conclusion

Zenobē’s significant financing and partnerships in the electric bus sector are paving the way for a greener and more sustainable urban mobility future in the UK. By offering innovative financial solutions and battery management services, Zenobē is playing a key role in accelerating the adoption of electric buses and reducing carbon emissions.

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