London-based Zenobē has secured €325M in debt financing from a syndicate of seven international banks to accelerate electric vehicle fleet expansion across Europe.
The syndicate comprises six existing lenders – Mitsubishi UFJ Financial Group, Canadian Imperial Bank of Commerce, ABN AMRO, National Australia Bank, Siemens, and Credit Agricole CIB – plus new participant BayernLB.
The multi-currency facility will fund Zenobē’s fleets-as-a-service offering through bespoke financing, infrastructure design, optimisation software and energy management solutions.
Founded by Nicholas Beatty and Steven Meersman in 2017, the fleet electrification and battery storage specialist will use the financing to support the deployment of up to 1,000 electric buses, trucks and charging infrastructure across EU/EEA markets.
Zenobē operates in Germany, Spain, Belgium, the Netherlands and Sweden, with teams on the ground providing local electrification services to transport operators.
Currently, it supports over 3,400 electric fleet vehicles across 120 depots globally, with notable contracts including 130 buses for National Express in Coventry and a €42M package for Grupo Julià’s 44-bus Barcelona fleet.
Addressing €520B European transport electrification market
The financing comes as European transport operators face mounting pressure to decarbonise fleets while managing capital constraints. Zenobē’s integrated approach combines vehicle financing with charging infrastructure deployment, addressing the primary barriers to electric fleet adoption.
The company’s recent €520M UK-Canada partnership to electrify Brampton’s transit network demonstrates its capability to deliver large-scale zero-emission projects, supporting 5,000 direct and indirect jobs.
From energy storage pioneers to fleet electrification leaders
Co-founders Nicholas Beatty and Steven Meersman launched Zenobē in 2017, initially focusing on grid-scale battery storage before expanding into fleet electrification. The company now employs over 300 full-time staff across engineering, software development and finance disciplines.
Zenobē’s European operations began in 2022 with battery storage projects in Belgium, including installations for construction company Aertssen to store renewable energy for equipment charging.
“We not only offer financial backing but also provide the expert guidance necessary to empower fleet operators to switch to electric,” says Steven Meersman, Founder Director at Zenobē. “This new facility will help us to make the cleaner option even more financially competitive – reducing any perceived green premiums and in some cases even achieving green discounts.”
€325M roadmap: 1,000 vehicles and continental expansion
The debt facility positions Zenobē to significantly expand its European footprint, building on its position as the largest owner and operator of EV buses in the UK, Australia and New Zealand.
The company manages 430MW of battery storage in operation or under construction, with 1.2GW of advanced development projects targeting approximately 20 per cent UK market share by 2026.
Santander and SocGen served as joint financial advisors, with Clifford Chance providing borrower legal counsel and Allen & Overy Shearman representing lenders.
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