Following Sadiq Khan’s speech at COP26, 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.
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.
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.
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.
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 carbon-zero initiatives not only from an environmental perspective, but also, a public health one.
Dan Saunders, Founder and 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 Londoners.”
Zeti and MEEF were supported on this transaction by EY and the Net Zero Services legal team Burges Salmon, respectively.
Zeti is a London FinTech platform that facilitates pay-per-mile financing for zero or ultra-low emissions vehicles only.
Founder and CEO Dan Saunders has twenty years’ experience in finance, energy and technology (Octopus, Decarbon, Morgan Stanley, IBM). He developed and led Transport as a Service for Octopus Investments and is the founder of Decarbon Capital, pay per kWh clean energy finance (pre-cursor to Zeti).
Chairman Ernie Richardson has thirty years’ experience in early stage tech VC. Board Chairman of multiple institutional funds, formerly Managing Partner of MTI Ventures, board member National Endowment for Science, Technology and the Arts (‘NESTA’) and the British Venture Capital Association (‘BVCA’). He is also an active angel investor with a strong interest in the alternative energy and infrastructure sectors.