Zenobē has raised a further £410 million of funding for fleet electrification in a move that will enable operators in the UK and Ireland to bring into service a claimed 2,000 more battery-electric buses by 2026.
When added to the supplier’s existing £241 million platform, the investment creates what Zenobē says is “the largest electric bus platform financing in Europe.” It takes to over £1 billion the green debt funding raised by the business since 2019.
13 banks and other financial institutions both new and existing are part of the collaboration, which Zenobē says highlights increased institutional investor confidence in sustainable transport.
The latest funding will see “tailored financial solutions” offered to bus operators. Among those will be Zenobē’s battery management service. It removes battery risks from operators, including those applicable to performance, replacement, and repurposing in second life applications.
The supplier says that key to the funding round “is the recognition of sustainable transport as a bankable asset class.” The lenders are “committed to supporting the expansion of green public transport,” and the investment will allow operators to benefit from “advanced support structures and [a] strong track record in supporting over 75 electric depots to date.”
In a funding deal that will see vehicles mobilised shortly, Zenobē is financing a combined 39 Alexander Dennis Enviro400 and Mercedes-Benz eCitaro battery-electrics with Transdev Blazefield for its Harrogate Bus Company arm. That includes a 15-year battery management service on those vehicles.
The supplier adds that its services “are designed to remove the financial and operational barriers to fleet electrification and reduce ongoing costs.” It says that the additional funding will enable more operators to deliver battery-electric buses.
Speaking about the latest round of financing, Zenobē Co-Founder and Director Steven Meersman says: “This is more than a story of Zenobē’s growth; it is a leap forward for the bus industry in the UK.
“This expansion of our existing financing will help us to 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.”
