The electric vehicle (EV) charging solutions provider, EO Charging, has launched MOBILITe, a new multi-source financing and services platform to support the rollout of EV fleets and eBuses in the UK.
MOBILITe will provide support for the significant upfront costs of EVs and their charging infrastructure – which, according to bp Pulse research from May 2022, is the biggest barrier for 62% of fleet operators.
The platform will give customers a tailored solution at a fixed monthly cost to ease these financial burdens, as well as providing financial clarity and accurately forecasting return on investments.
Services provided by the platform include: vehicle-as-a-service to allow operators to lease vehicles; charging-as-a-service, which offers turnkey EV charging solutions such as grid upgrades, hardware and software installation as well as ongoing operations and maintenance; and battery-as-a-service to lease or procure replacement batteries.
“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’s why we’ve created this solution – to make it quicker and easier for our customers to access the capital, services, and expertise they need to electrify their fleets,” said Keith Watson, head of eBus and eTruck at EO Charging.
Negotiations with financial institutions, manufacturers and service providers will be handled by EO, whilst also managing the process throughout mobilisation, installation and the term of lease on behalf of the customer.
EO Charging has been advised by the law firm Addleshaw Goddard throughout the project.
The platform has been backed by HSBC UK alongside a number of the UK’s largest banks and financial institutions, said the EV technology solutions provider.
“Many businesses are looking to move to electric vehicles as part of their plans to reduce their operational emissions, future proof their commercial vehicle fleet and reduce costs. As part of HSBC UK’s commitment to supporting businesses in all transport sectors transition to lower carbon emissions, we are delighted to be shortlisted as a funder to support EO with the roll-out of electric vehicle bus & charging infrastructure,” said Robert King, head of sustainable finance at HSBC UK.
The platform was initially created as a solution solely aimed at eBuses in the UK, but EO has hinted that it could be rolled out to other markets – namely EV van and truck fleets – in the coming years.
EO’s transition into the financial solutions space follows a number of successful partnerships announced last year. In December, EO’s partnership with OVO Energy allowed the energy company to increase the number of chargepoint installs it manages using EO software for example.
