Funding will assist with electric bus expansion


Zenobe Energy, one of the UK’s largest independent owners and operators of battery storage, has secured up to £20m of contracted receivables funding from NatWest Specialist Structured Finance, to support the continued growth of the company.

The funding is the first financing arrangement to support electric bus and charging infrastructure provided under service contracts to bus operators. NatWest provides funding which is secured against the cashflows generated by Zenobe’s contracts with the operators to provide charging infrastructure and vehicles.

Combined with Zenobe’s technical expertise, the funding enables the company to offer competitively priced end-to-end services to operators including the design, installation, financing and operation of electrical charging infrastructure in the depot, the financing and optional replacement of the battery in the bus and the financing of the non-battery components of the vehicle’s chassis.

The system aims to help the faster take up of electric buses in the UK, helping to meet legally binding climate change targets and improve air quality across the country.

The company says these services will be particularly important as the UK comes out of lockdown and bus operations return to normal with an emphasis on the adoption of zero emission vehicles.

Zenobe’s services work alongside the government’s Ultra-Low Emission Bus grant offering for transport operators as a match funder which enables the available grant finance to support the financing and deployment of more buses than can be achieved without this service offering. The NatWest funding will support the financing and further deployment of these vehicles across the country.

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