DNV technical advisor secures finance to aid Zenobē EV growth plans

DNV acted as technical advisor to Zenobē Energy as it secured a GBP 241 million structured finance deal to expand its electric vehicle (EV) offering.

About the customer

Zenobē Energy, a UK market leader in EV fleets and battery storage, secured the ‘first of its kind’ 241 million (GBP) multi-source debt funding structure platform to enable and initially service and finance up to 430 new e-buses in the UK and Republic of Ireland.

DNV’s solution

DNV acted as technical advisor to Zenobē Energy as it secured a GBP 241 million structured finance deal to expand its electric vehicle (EV) offering.

DNV conducted independent technical due diligence of Zenobē Energy’s portfolio of 430 electric buses and depots in the UK and Republic of Ireland, to assess the technical risks for this innovative and bespoke funding package deal for the lenders. DNV provided a tailored scope including 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.

Benefits to the customer

Leveraging its in-depth independent technical knowledge, DNV successfully supported Zenobē Energy in its efforts to secure funding to expand its operations across the UK and Republic of Ireland. DNV was able to communicate effectively the nature of the technology to the potential lenders and take a clear view on the risk mitigation measures that Zenobē Energy have put in place.