Zenobe, an EV fleet and battery storage specialist, has announced the completion of a £410 million finance deal, enabling it to support the deployment of over 2,000 electric bus vehicles across the UK and Ireland by 2026.
In 2022, Zenobe established a £241 million EV financing platform, building a long-term debt framework for electric bus fleets on private placement and the Revolving Credit Facility (RCF). This latest capital addition brings the total debt raised by Zenobe since 2019 to over £1 billion.
The platform will enable transport operators to transition from diesel to electric buses using Zenobe’s financing and managed service. It removes battery risk by taking on the responsibility and risk associated with EV batteries, including performance, replacement and repurposing in second-life applications.
Banks and institutions providing lines to support Zenobe’s green EV financing syndicate include Aviva, Lloyds, MUFG, NatWest, Santander, Scottish Widows, Siemens Financial Services through Siemens Bank and Société Générale.
Alex Kipling, managing director of infrastructure finance for Société Générale, said: “We are delighted to increase our commitments to finance Zenobe’s EV fleet roll-out. With the growing need to decarbonise transport through the use of e-mobility solutions, we’re impressed by Zenobe’s platform growth and their ability to scale rapidly.
“Zenobe’s de-risked business model delivers stable and predictable cash flows whilst modernising and upgrading the UK’s public transport offering ESG-focussed investments.”
Zenobe has 735MW of battery storage projects in operation or under construction. Fundraising allows the company to continue the development of large-scale battery storage and fleet electrification projects.
Nicholas Beatty, founder and director of Zenobe 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.
“This follows the debt financing to support construction of two of our major grid scale batteries in Scotland, completed in January. The faith and innovation shown by our financial partners affirms the maturing of these asset classes and the sustainability and resilience of our business model.”
