Zenobē secures new round of debt financing worth $524 million
Zenobē, UK’s EV fleet and battery storage specialist, announced the completion of a $524 million financial deal, securing the largest electric bus platform financing in Europe.
The company plans to use the funds to build its electric transport business. By 2026, it aims to deploy more than 2,000 electric buses in the UK and Ireland.
Founder and Director Nicholas Beatty said, “We are committed to financing and delivering innovative and reliable electric fleet and energy storage solutions for our customers. This milestone is not just a win for Zenobē but marks a significant leap forward in the movement toward a clean, low-carbon transportation sector in the UK.”
Currently, the company has 735 MW of battery storage projects in operation or under construction and supports over 1,200 electric vehicles globally.
Read More: First all-electric school bus fleet in the US to power 300 homes
This deal also indicates the confidence investors have in the continued electrification of UK transport, even though Prime Minister Sunak announced a five-year delay to the ban on the sale of new petrol and diesel cars and vans.
Banks such as Aviva Plc, Lloyds Banking Group Plc, NatWest Group Plc, and Societe Generale SA have backed the deal.
Managing Director, Infrastructure, at Aviva Investors Darryl Murphy acknowledged the deal and said, “As one of the largest investors in UK real estate and infrastructure, we understand the important role of private capital in developing its national infrastructure, particularly projects which support the decarbonisation of transport networks. Although the market for battery electric buses has developed rapidly into a leading zero-emission technology, there is an undersupply of E-buses nationally.”
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