Zeti, who are revolutionising transport finance for good, have partnered with the Major London’s Energy Efficiency Fund (MEEF) to deliver cleaner mobility in the capital. They have been contacted to deliver pay-per-mile financing of London Electric Vehicle Company’s (LEVC’s) zero emission capable taxis on the roads of London.
MEEF is a £500 million 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 several sustainability-led projects, including funding the implementation of charging infrastructure for electric buses in London.
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 and emission-free carbon-zero initiatives, not only from an environmental perspective but also a public health one.
Zeti’s focus on financing solely zero and ultra-low emission vehicles has already led to significant CO2 and NOx savings. These findings are captured and reported here.
MEEF will finance zero emission capable taxis for fleets with finance payments made on a per-mile basis. This will 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 several contracts Zeti will be entering into to facilitate the financing of electric vehicles (EVs) for fleets. It utilises its ZERO platform to enable the transition to ultra-low and zero emission vehicles.
Dan Saunders, Zeti CEO and founder, said: “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, MEEF director, said: “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, said: “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.”