We are proud to announce that Zeti has been contracted by the Mayor of London’s Energy Efficiency Fund (‘MEEF’) to deliver pay-per-mile financing of LEVC’s zero emission capable taxis on the roads of London.
MEEF is a £500m investment fund managed by Amber Infrastructure Group, seeking to help London on its way to becoming a zero-carbon city by 2050. MEEF are involved in a number of sustainability-led projects, such as funding the implementation of a charging infrastructure for electric buses in London. You can find out more about MEEF here.
In 2019, toxic air contributed to the deaths of more than 4,000 Londoners, from all causes including respiratory, lung cancer and cardiovascular diseases. Clearly, there is a need for [low emission/emission free] carbon-zero initiatives not only from an environmental perspective, but also, a public health one. Zeti’s focus on financing of solely zero and ultra-low emission vehicles has already led to significant CO2 and NOx savings, which are captured and reported at zeti.co.uk.
MEEF will finance zero emission capable taxis for fleets, with finance payments made on a per mile basis to boost cash-flow to the fleet operators, enabled by Zeti’s patent-pending fintech platform, ZERO.
The first fleet beneficiary of pay-as-you-use finance from MEEF will be Colts Cabs, who operate London’s largest independent licensed taxi fleet. This financing initiative will support Colts Cabs’ transition of their fleet towards becoming wholly zero-emission capable.
The deal with MEEF represents one of a number of contracts Zeti will be entering into to facilitate the financing of electric vehicles for fleets, utilising their ZERO platform to enable the transition to ultra-low and zero emission vehicles.
Dan Saunders, Founder & CEO of Zeti: “Zeti is revolutionising the financing of transport, focusing on clean and connected vehicle fleets. We’re delighted to be working with the team from MEEF and Amber Infrastructure to accelerate the adoption of zero emission capable mobility in London and support the Mayor’s goal of improving air quality for all of London.”
Pete Radford, Director of MEEF:“We are delighted that MEEF is supporting Colts Cabs transition their fleet to zero emissions capable taxis. By working with Zeti and utilising their innovative financing platform, ZERO, MEEF will have access to real time finance and environmental data, demonstrating the impact MEEF is making in improving London’s air quality. With the Mayor recently announcing further funding for MEEF we look forward to continuing to support the Capital’s fleets transition to low carbon vehicles.”
Shirley Rodrigues, Deputy Mayor for Environment and Energy: “The Mayor has set the ambitious target of making London net zero carbon by 2030. This project is a great example of how the Mayor of London’s Energy Efficiency Fund is supporting schemes that help deliver this goal, and how London can accelerate climate action through a combination of public and private sector capital investment. At COP26, the Mayor announced a further £30 million for MEEF to support further zero carbon transport and infrastructure projects like this.
A third of London’s black cabs are now electric, helping to tackle the twin dangers of air pollution and climate change and we are delighted that MEEF is helping more of our black cabs to go green.”
Zeti and MEEF were supported on this transaction by EY and the Net Zero Services legal team Burges Salmon, respectively.
ABOUT ZETI LTD. (Zeti)
Zeti sits at the intersection of fintech, mobility and sustainability, unlocking the potential of technology to revolutionise the financing of transport and support the goals of business and society. Established in 2020, Zeti connects transport fleet operators with institutional financiers through its patent-pending FinTech platform, ZERO, to enable pay-per-mile vehicle finance for zero and ultra-low emission connected vehicles. For progressive companies, Zeti’s financial technology makes adopting EVs as simple, transparent and flexible as paying for a utility. zeti.co.uk
MEEF was established by the GLA in 2018 and is managed by Amber Infrastructure. MEEF provides a mixture of senior debt, mezzanine debt and equity to London’s public-sector property owners and small-to-medium-sized businesses, including but not exclusively, Local Authorities, NHS Trusts, Registered Providers, Higher and Further Education organisations, Charities and Voluntary Organisations, ESCOs and SMEs. MEEF can fund both up to 100 per cent of the capital cost of a project and part-fund large-scale regeneration projects which demonstrate low-carbon credentials.
ABOUT AMBER INFRASTRUCTURE GROUP
Amber Infrastructure (‘Amber’) is a specialist international investment manager, focused on investment origination, asset management and fund management. Amber’s core business focuses on sourcing, developing, advising, investing in and managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.
Amber is headquartered in London with offices in Europe, North America and Australia and employs over 150 infrastructure professionals.
ABOUT EUROPEAN REGIONAL DEVELOPMENT FUND
MEEF is receiving up to £51.2 million of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding
ABOUT COLTS CABS LTD. (Colts)
Colts Cabs is London’s largest independent licensed taxi rental company, proudly serving the taxi trade and London for 30 years.