DNV delivers independent technical due diligence to support TPG Rise Climate's investment in Kinetic's and Go-Ahead's zero-emission fleet transition

DNV has completed independent technical due diligence for climate investor TPG Rise Climate’s majority financing in Kinetic, Australasia’s largest mass transit operator, supporting its transition to a zero-emissions fleet.

TPG Rise Climate recently announced its acquisition of a 70% equity interest in Kinetic, which operates more than 12,000 buses and 400 trains across multiple regions, including Australia, New Zealand, and Europe. The investment is intended to accelerate Kinetic’s zero-emissions strategy and expansion of electric bus fleets and depot electrification. Part of this consortium is the Go-Ahead Group, a major UK-based bus and rail operator of which Kinetic owns 51% share.

Directly commissioned by TPG, the comprehensive scope across technical, operational, and environmental domains included:

  • DNV’s due diligence which covered the full spectrum of technical and operational factors underpinning Kinetic’s zero-emission strategy. This included reviews of fleet transition planning and electric bus technology readiness
  • Depot electrification and charging infrastructure design across over 200 depots
  • Energy and infrastructure integration, including power demand and grid interface
  • Asset lifecycle assessment, warranty and operations & maintenance (O&M) reviews
  • Electric bus battery safety assessment and replacement strategy
  • Financial model review and risk assessment to evaluate technical assumptions and resilience

The assessment combined DNV’s global experience in transport electrification with its established methodology for risk evaluation and energy system transition.

Expert insight supporting sustainable investment

Jasjeet Singh, DNV
Jasjeet Singh, Senior Principal Consultant and Head of Risk Management and Consulting, UK, DNV

“This engagement reflects DNV’s expanding role in enabling low-carbon transport investment,” said Jasjeet Singh, Senior Principal Consultant and Head of Risk Management and Consulting, UK, DNV. “Through rigorous technical due diligence, our team assessed the feasibility and scalability of Kinetic’s zero-emission transition strategy, providing TPG with a clear view of technical risks and opportunities across multiple geographies.”

Viken Chinien, DNV
Viken Chinien, Vice President and Head of Department, Markets and Risk, DNV

“As investors accelerate funding into climate-aligned transport infrastructure, robust technical diligence is essential to ensure the credibility, resilience, and long-term sustainability of these platforms,” added Viken Chinien, Vice President and Head of Department, Markets and Risk, DNV. “This project demonstrates DNV’s capability to combine transport engineering, energy systems expertise, and risk management to support global investment decisions.”

This engagement reinforces DNV’s position as a trusted advisor to global investors and operators driving the decarbonisation of mass transit systems. Indeed, DNV’s recent Energy Transition Outlook report 2025 expects EVs to take a 50% share of new commercial vehicles sales by 2039, except in Greater China, where strong subsidy policies will see this milestone achieved in 2033. DNV also expects Europe to reach EV-majority market share of commercial vehicles by 2038 through its Fit for 55 reduction targets.

Globally, the commercial vehicle fleet will continue to increase from 250 million to 440 million units by 2060.