EO Charging has launched a new funding platform, MOBILITe. It is a financing and services solution for the rollout of battery-electric buses and other vehicles in that technology space.
The ‘as-a-service’ approach is backed by large banks and financial institutions, including HSBC UK. EO Charging says MOBILITe will provide bus operators “with everything they need to go electric, for a fixed monthly cost.” That approach will help those organisations “to reduce financial unknowns and accurately forecast return on investments,” it adds.
Options included within MOBILITe are:
- Vehicle-as-a-service, where operators can lease vehicles or chassis
- Charging-as-a-service, delivering turnkey charging solutions including grid upgrades, hardware and software installation, and ongoing operations and maintenance
- Battery-as-a-service, providing an avenue to lease or procure replacement batteries.
EO says it will handle all negotiations with financial institutions, manufacturers and service providers as part of MOBILITe, and manage “the entire process on behalf of the customer throughout mobilisation, installation and the term of the lease.”
Speaking about the launch of MOBILITe, EO Charging Head of eBus and eTruck Keith Watson – who joined from Alexander Dennis in 2021 – says: “We know that businesses and local governments want to meet the UK’s net zero goals, but the scale and cost of the electrification projects required present a substantial barrier.
“That is why we have created this solution – to make it quicker and easier for our customers to access the capital, services and expertise that they need to electrify their fleets.”
EO says that 62% of fleet operators see the upfront purchase costs of vehicles and infrastructure as one of the biggest barriers to going battery-electric. Such a view is particularly prevalent in the bus sector, it continues.
Adds HSBC UK Head of Sustainable Finance Robert King: “As part of HSBC UK’s commitment to supporting businesses in all transport sectors to transition to lower carbon emissions, we are delighted to be shortlisted as a funder to support EO with the rollout of electric buses and charging infrastructure.”