Zenobē raises £980 million to fund 1,200 electric buses
The company states that this third funding round increases the total capital raised to more than £3.2 billion since its launch in 2017. Combined with the company’s €325 million European EV fleet facility announced in 2025, the new funding is expected to support up to 5,000 electric buses across the UK and Europe by 2028.
The new funding is intended to support both public and private fleet operators. Zenobē says the facility can provide private capital alongside public funding programmes run by local authorities and mayoral combined authorities, helping to accelerate fleet deployment and reduce delivery risks in bus franchising schemes. Private operators can also use the platform to advance their own fleet decarbonisation plans.
The financing package includes £480 million in new long-term commitments, a £400 million capital expenditure facility and £100 million in ancillary facilities. A total of 22 banks and institutional investors now participate in the platform, including ten organisations joining in the latest funding round. Participating institutions include NatWest, Lloyds, Santander, ABN Amro, HSBC, Barclays, Rabobank, MUFG, Aviva, Swiss Re and Scottish Widows, among others.
“Together, these initiatives demonstrate Zenobē’s ability to mobilise large-scale capital to accelerate the transition to zero-emission transport in the UK, Europe and further afield in international markets,” said Steven Meersman, Founder Director of Zenobē. “Operators today are acutely aware of the implications that diesel reliance has on their bottom-line.”
Zenobē combines vehicle financing with charging infrastructure and fleet electrification services, enabling operators to transition from diesel to battery-electric fleets without having to manage the various elements separately. The company argues that fuel accounts for around 40 per cent of a diesel bus’s lifetime costs, compared with approximately 20 per cent for electricity in an electric vehicle.
The company’s shareholders also highlighted the role of financing in accelerating fleet electrification. “Zenobē’s ability to attract such an extensive and diverse group of funding partners to its platform speaks for itself,” said Priya Veerapen, Managing Director at Infracapital. “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.”
Shreya Malik, Managing Director – Infrastructure at KKR, added: “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 moves by Zenobē. In March, the company launched a £100 million electric truck fund in Australia to finance zero-emission truck fleets. During the same month, Zenobē entered the North American commercial vehicle market through the acquisition of Revolv, adding 13 operational sites and more than 100 electric trucks to its portfolio.
The company states that it currently supports more than 3,400 electric vehicles across 120 depots worldwide and says it holds around 25 per cent of the UK electric bus market. Zenobē also says it is the largest owner of electric buses in the UK, Australia and New Zealand.
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