Zeti: a new way to finance the clean fleets of tomorrow

With the dangerous effects of the climate crisis becoming ever more apparent, companies, governments and NGOs across the world are looking to convert their vehicle fleets from polluting, fossil fuel-based vehicles to cleaner alternatives. 

And while leasing has been the traditional method of financing vehicle procurement, we at Zeti are using technology to enable a brand new way of funding this transition to zero-emission fleets. 

We’ve already enabled the financing of more £16 million of commercially operated electric vehicles (EVs), saving more than 3,000 tonnes of CO2 from reaching the atmosphere in the process; and have demand for tens of £ millions more.

So, what are we doing differently to make our model so compelling for progressive fleet operators?

Pay-per-mile financing

First and foremost, Zeti is a FinTech platform, rather than a leasing broker or provider. Using cutting-edge technology allows us to offer an innovative pay-per-mile model to finance fleets of ultra-low emission vehicles, a radically different approach to the one used by traditional leasing companies.

So, how does that work?

Telematics devices gather real-time data from vehicles, such as the odometer reading, which is captured in the ZERO solution that underpins Zeti’s platform. The numbers are then combined with smart contracts to calculate billing on a cost-per-mile basis for each vehicle, and for the fleet as a whole. 

Our CTO, Daniel Bass, explained how this differs from typical leasing arrangements for fleet operators when he sat down with Microsoft earlier this month: “Instead of charging interest and having regular monthly payments like a normal car lease, customers get a cost-per-mile. Then, for every mile that their fleet drives, our customers are charged for those miles every month.” 

For commercial fleets, like taxis, who concentrate on ‘revenue-per-mile’, this mechanic, visualised in the ZERO platform, allows them to conveniently and accurately calculate their profit-per-mile and optimize their utilization profiles accordingly.

It’s clear that the flexibility this pay-per-mile plan brings to fleet operators is very valuable in an uncertain world where cash flows aren’t always guaranteed. 

During the COVID lockdowns, for instance, our fleet operators were able to leave vehicles parked up in order to significantly reduce operating costs. And, rather than setting monthly limits on the number of miles each vehicle can drive, the miles covered by the fleet as a whole is what determines the bill at the end of the month. So, “if you have a really heavily-used vehicle, it just contributes to your bill through cost-per-mile,” explains Daniel.

Sophisticated data-gathering

The key to everything for Zeti is in the data. 

A few years back, innovative energy companies like Octopus Energy started offering people greater, real-time insights into their usage. It’s that same ‘utility-like’ experience that we’re bringing to our customers today.

Using best in-class telematics devices, we are able to pull intricate EV data into the ZERO platform, covering variables like charging times, battery health information and the amount of CO2 and NOx (nitrous oxide) that fleets have saved. This collates a wealth of information for customers, which the platform automatically reports back to them in a clear, accessible way via its user-friendly interface.

Being able to access this real-time information makes the process far more transparent for fleet operators - who are often used to seeing a dense spreadsheet or simplified PDF at the end of the month - both in terms of the costs involved and the performance of the vehicles. 

Transitioning to greener roads

All of the innovative technology wrapped up in our ZERO platform was created to advance one mission: delivering cleaner, less polluted roads. 

Despite legislation and customer bases demanding it, many businesses remain uncertain about making the transition to cleaner transport so it’s essential that the process is made as seamless as possible. By design, we aim to make the financing of zero and ultra-low-emission fleets more streamlined.

Part of this involves linking fleet operators, whether they’re taxi firms, logistics companies, bus operators, or anything in between, with the investors who can finance the process. Then, once they’re on board, customers can access an all-inclusive service, which bundles together all the costs like insurance, electricity for charging and maintenance into one price-per-mile.  

Simplifying that process gives Zeti customers the confidence to go zero or ultra-low emission and, with every business that converts, there’s one less petrol or diesel vehicle out on the roads. So far, we’ve prevented over nine tonnes of harmful nitrous oxide from polluting our streets, with this number set to rise dramatically as more and more fleets sign up.

A sustainable fintech platform governed by pinpoint, real-time data, Zeti offers a radical new way to finance your transition to an ultra-low emission vehicle fleet. 

If you’d like to know more about what we can offer, get in touch today by dropping an email to hello@zeti.co.uk.

Company Information

Zeti Limited
Epworth House, 25 City Road
Company Number: 12602918
VAT Number: 352342815

Zeti, Inc.
2450 Colorado Avenue
Santa Monica
CA 90404

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