Building trust in decarbonized transport investing with lenders

Assuring the EV future

Developing the infrastructure for the future of transportation needs confident lenders. DNV’s assurance advice is securing finance to drive electric vehicle growth in the UK and Republic of Ireland.

90 %

Electric vehicles

Share of passenger sales by 2050

1.3 billion

Passenger electric vehicles

on roads around the world by mid-century

Why trust matters

The big investment commitments required for building an electric vehicle (EV) infrastructure demand high levels of trust from lenders

What is the story?

By 2050, more than 90% of all passenger vehicle sales will be EVs. It is anticipated that there will be 1.3 billion passenger electric vehicles on roads around the world by mid-century.

The UK Government has announced investment and laws to advance the electric vehicle revolution, including bringing forward the phase-out date for the sale of new petrol and diesel cars and vans to 2030.

Now, DNV has acted as technical advisor to Zenobē Energy as it secured a GBP 241 million structured finance deal to expand its electric vehicle (EV) offering in the UK and Republic of Ireland.

This pioneering funding platform will enable Zenobē Energy to provide services to accelerate the transition to a green road transport system. Achieving a greener transport future will help to meet legally binding climate change targets and improve air quality across the UK and Ireland.

Hari Vamadevan,
Regional Director UK & Ireland of Energy Systems,
DNV

We were grateful for DNV's commercial and technical support in reviewing our e-bus portfolio. The DNV team was able to communicate effectively the nature of the technology to our lenders and take a clear view on the risk mitigation measures we have put in place.

Tim Boothman,
Director of Corporate Finance,
Zenobē Energy

Pioneering funding platform

Zenobē Energy is a UK market leader in EV fleets and battery storage, with an estimated 25% market share of the UK operational EV bus sector.

To establish the case for funding, DNV conducted independent technical due diligence of Zenobē Energy’s entire portfolio of 430 electric buses and depots, assessing the technical risks for this innovative funding package deal for the lenders.

The scope of the work spanned a battery replacement cost forecast, technical site portfolio review, vehicle useful economic life assessment, estimation of CO2 savings, and charging performance review to enable a complete appraisal of the business case.

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