Zenobe has announced the securing of £980 million in private capital financing to support the deployment of more than 1,200 new electric buses and associated charging infrastructure over the next three years.
It represents the third round of financing for Zenobe’s UK and Ireland electric vehicle debt facility and brings the total capital raised to more than £3.2 billion since 2017.
This round includes £480m in new long-dated term commitments, a £400 million capital expenditure facility and £100m of ancillaries.
Among the 22 banking institutions providing capital are NatWest, Lloyds, Santander, and Aviva.
In combination with the £325 million European EV fleet facility announced by Zenobe last year, the business is expecting to support 5,000 electric buses by 2028.
Zenobe, which was established in 2017, claims a 25% market share of the UK’s electric bus sector and supports more than 3,400 electric vehicles around the world.
The UK-headquartered EV fleet and grid-scale battery storage specialist is majority owned by infrastructure investors KKR and Infracapital.
Steven Meersman, Zenobe Director and founder, says: “Together, these initiatives demonstrate Zenobe’s ability to mobilise large-scale capital to accelerate the transition to zero-emission transport in the UK, Europe and further afield in international markets.
“Operators today are acutely aware of the implications that diesel reliance has on their bottom line. We’re here to support operators that want to make a switch that makes economic and environmental sense at meaningful scale. Zenobe can accelerate their ambitions reliably without breaking the bank by bringing together capital, technical experience and 24/7/365 support.”
Priya Veerapen, Managing Director at Infracapital, adds: “Zenobe’s ability to attract such an extensive and diverse group of funding partners to its platform speaks for itself.
“What sets the business apart is its combination of financing expertise and deep technical capability – giving fleet operators the confidence to commit to electrification at a time when the pressure to act has never been greater.
“We are delighted to see the platform continue to grow and look forward to actively supporting Zenobe’s next phase of expansion across the UK and Europe.”
Shreya Malik, Managing Director, Infrastructure, at KKR, says: “Fleet electrification is a critical step in reducing dependence on fossil fuels, and diversifying away from diesel vehicles is essential for operators looking to future-proof their businesses.
“This financing further enhances Zenobe’s ability to support the electrification ambitions of its customers at scale.”
