This transaction will play a vital role in financing Zenobē’s turnkey fleet electrification offering. It will enable the company to raise senior debt financing against the service contracts that Zenobē has entered with bus operator customers.
Zenobē’s services can act as match funding to government grants, enabling the available grant finance to go further and bring more electric buses onto UK roads.
Zenobē has 175MW of operational and contracted storage assets and 394 EV buses, which it estimates corresponds to 25% market share of the UK operational EV bus sector. It currently works with bus operators in the UK including Arriva, Abellio, McGills, National Express and Stagecoach, as well as local authority owned bus companies.
The new funding platform will be used to raise additional financing over time, and in doing so broaden its funder base as Zenobē expands fleet activities in the UK and Ireland.
Nicholas Beatty, founder director, Zenobē Energy, said: “This innovative funding structure marks the coming of age of structured finance solutions for fleet electrification, and signifies substantial growth for our business, allowing us to accelerate the rollout of electric buses across the UK.”
NatWest acted as debt advisor.
