A battery storage company is offering funding to local authorities and bus and fleet operators in the UK to help accelerate the rollout of commercial electric vehicles (EVs).
Up to £120m of funding will be available from Zenobe Energy to reduce the upfront cost of investment in electric fleets and speed up the process of bringing zero-emission vehicles onto the roads.
It comes after the UK Government’s £48m Ultra-Low Emission Bus scheme (ULEB), announced in February this year, highlighted the huge demand to transition to electric vehicles. This is the first time a private company has helped to fill that gap, Zenobe said.
Through its new funding scheme the company can provide financing for batteries in the depot to overcome grid constraints, smart charging infrastructure, and the batteries on the vehicles as well as the full vehicles themselves.
This could help local councils and commercial fleet operators bring forward the rollout of zero-emission vehicles by several years, according to Zenobe co-founder Steven Meersman.
“Using our solutions, we can enable local authorities and operators to access a faster, cheaper and lower-risk way to transition to EVs,” Meersman said.
Jonathan Murray, policy and operations director at the Low Carbon Vehicle Partnership, leading the UK Government-sponsored EV Energy Task Force initiative, added: “Many bus operators are looking to electrify their vehicles and are a key part of efforts to decarbonise road transport and improve air quality in some of our most polluted areas. Buses require a lot of energy and this creates challenges – and opportunities – for the electricity grid.
“This initiative from Zenobe Energy should be an important enabler of efforts on the part of vehicle operators to switch to zero-emission vehicles, whilst making the electricity grid smarter and more resilient at the same time.”