Zenobē secures £980m financing to accelerate electric bus roll-out

Zenobē has secured approximately £980 million in new financing to expand its electric bus funding platform across the UK and Ireland, supporting the deployment of more than 1,200 additional zero-emission buses and associated charging infrastructure over the next three years.

The latest funding round marks the third raise for Zenobē’s flagship EV-focused debt facility and takes the company’s total capital raised since 2017 to more than £3.2 billion.

The facility is designed to provide operators with access to long-term capital alongside charging infrastructure, battery management and fleet electrification expertise, helping to accelerate the transition away from diesel-powered fleets.

Combined with Zenobē’s €325 million European EV fleet financing facility announced in 2025, the company expects to support up to 5,000 electric buses across the UK and Europe by 2028.

The financing comes as fleet operators face increasing pressure to reduce emissions while managing operating costs. Zenobē noted that diesel fuel typically accounts for around 40% of a vehicle’s lifetime cost, compared with approximately 20% for electricity in an electric vehicle, making electric fleets less exposed to fuel price volatility.

The company said the platform will support local authorities and Mayoral Combined Authorities seeking to accelerate bus fleet decarbonisation by providing private capital that can complement public funding for franchising schemes. The facility is also intended to help private operators advance their own electrification strategies more quickly and with greater flexibility.

Ten new banks and institutional investors have joined the platform as part of the latest financing round, bringing the total number of participating organisations to 22.

MUFG acted as lead financial adviser to Zenobē on the transaction, while AOS and Clifford Chance served as borrower and lender counsel respectively.

Zenobē, which is majority owned by infrastructure investors KKR and Infracapital, said the transaction highlights growing institutional confidence in the electrification of commercial transport.

“Operators today are acutely aware of the implications that diesel reliance has on their bottom line. We’re here to support operators that want to make a switch that makes economic and environmental sense at meaningful scale. Zenobē can accelerate their ambitions reliably without breaking the bank by bringing together capital, technical experience and 24/7/365 support.”

Priya Veerapen, Managing Director at Infracapital, added: “Zenobē’s ability to attract such an extensive and diverse group of funding partners to its platform speaks for itself. What sets the business apart is its combination of financing expertise and deep technical capability – giving fleet operators the confidence to commit to electrification at a time when the pressure to act has never been greater.

“We are delighted to see the platform continue to grow and look forward to actively supporting Zenobē’s next phase of expansion across the UK and Europe.”

Shreya Malik, Managing Director – Infrastructure at KKR, said: “Fleet electrification is a critical step in reducing dependence on fossil fuels, and diversifying away from diesel vehicles is essential for operators looking to future-proof their businesses. This financing further enhances Zenobē’s ability to support the electrification ambitions of its customers at scale.”

The announcement follows a series of international expansion initiatives by Zenobē. In March, the company launched a £100 million electric truck fund in Australia to support the deployment of zero-emission heavy vehicle fleets. The same month, Zenobē entered the North American commercial fleet market through the acquisition of Revolv, adding 13 operational sites and more than 100 electric trucks to its portfolio.