Zeti is proud to announce it is supporting the deployment of 100 Tesla Model 3 fully electric vehicles for Vehicle-as-a-Service (‘VaaS’) provider, Breathe, using capital from The Mayor of London’s Energy Efficiency Fund (‘MEEF’), managed by Amber Fund Management Limited (‘Amber’), and Triodos, the leading sustainable bank.
Powered by Zeti’s pay-per-mile fintech platform, ‘ZERO’, Breathe will provide the new Teslas (NASDAQ: TSLA) to private hire drivers, including Uber (NASDAQ: UBER) and replace internal combustion engine vehicles that significantly contribute to air pollution in London.
Breathe is a London based private hire fleet established in 2021, with a mission to clean up London’s air quality by providing a growing fleet of over 100 zero-emission only vehicles to London’s private hire drivers. Breathe’s offering includes insurance, maintenance and tyre replacements; and allows drivers to choose between an ‘Everything Included Ownership’ model where after four years the driver owns the vehicle, or an ‘Everything Included Rental’ model where the driver subscribes for use on a weekly basis.
This project is an important step in tackling London’s air pollution and supports the Mayor of London, Sadiq Khan’s, commitment to zero emission transport in the capital. Every year in London, the equivalent of between 3,600 to 4,100 premature deaths were attributable to air pollution. Forecasts predict that the Breathe fleet will save 338 tonnes of CO2 being released into the atmosphere per annum, significantly contributing towards cleaner air for Londoners.
The funding of this zero-emission private hire fleet follows the pay-per-mile funding of taxis that Zeti previously delivered using MEEF funds; demonstrating the ability of Zeti’s ZERO fintech platform to support a breadth of fleet user requirements and vehicles manufacturers, providing fleet operators flexible and transparent finance to enable their transition to zero-emission vehicles.
Deputy Mayor for Environment and Energy, Shirley Rodrigues: “The Mayor has set the ambitious targets to make London net zero carbon by 2030 and protect Londoners from toxic air pollution. This project is another great example of how the Mayor of London’s Energy Efficiency Fund is supporting schemes that help deliver these goals, and how London can accelerate climate action through a combination of public and private sector investment.
This is exactly the type of innovative investment we need to support drivers to make the transition to zero emission vehicles and help meet our air pollution and climate goals. The Mayor recently committed a further £30 million for MEEF to support further zero carbon transport and infrastructure projects like this.”
Dan Saunders, CEO of Zeti: “Zeti is using fintech to accelerate the adoption of clean, connected transportation by enabling pay-per-mile financing of vehicles. We’re proud to support Breathe and to be using our technology alongside MEEF’s and Triodos’ capital to make this a reality.”
Jeff Davis, Director of Breathe: “At Breathe our mission is to provide large scale Electric-Vehicles-as-a-Service offerings and we are excited to be starting with sustainable, flexible and affordable vehicle subscription options for London’s private hire market. We are seeing huge demand for electric private hire vehicles and MEEF’s funding allows us to expand our operations and help more drivers step into their first EV.”
Pete Radford, Director of MEEF: “We are delighted that MEEF is supporting Breathe EV to offer a fully managed VaaS product to London’s private hire drivers, and in doing so, helping to accelerate the shift from conventional to electric vehicles in the Capital.”
Gwyn Rhodes, Head of Business Banking at Triodos Bank UK: “Funding the clean energy transition is key to Triodos’s mission as a sustainable bank and this will become ever more important as we work collectively towards the UK’s net zero target. Breathe’s business model has tangible environmental and social benefits as it will ultimately work to support cleaner air across London.”
Zeti were advised on this transaction by EY; Breathe by Pantokrator; and MEEF was advised by Energy Pro, Burges Salmon and Osborne Clarke.
Please contact Zeti (hello@zeti.co.uk) to discuss opportunities to decarbonise transport.
Further information on Zeti can be found at: www.zeti.co.uk
NOTES TO EDITORS
ABOUT ZETI:
Zeti sits at the intersection of fintech, mobility and sustainability, unlocking the potential of technology to revolutionise the financing of transport and support the goals of business and society. Established in 2020, Zeti connects transport fleet operators with institutional financiers through its patent-pending FinTech platform, ZERO, to enable pay-per-mile vehicle finance for zero and ultra-low emission connected vehicles. For progressive companies, Zeti’s financial technology makes adopting EVs as simple, transparent and flexible as paying for a utility. Further information can be found at zeti.co.uk
ABOUT BREATHE EV:
Breathe provides compelling electric vehicle subscriptions to private hire drivers and businesses, enabling low cost and low commitment motoring without any tailpipe emissions. www.breathe.cars
ABOUT MEEF:
MEEF was established by the GLA in 2018 and is managed by Amber Infrastructure. MEEF provides a mixture of senior debt, mezzanine debt and equity to London’s public-sector property owners and small-to-medium-sized businesses, including but not exclusively, Local Authorities, NHS Trusts, Registered Providers, Higher and Further Education organisations, Charities and Voluntary Organisations, ESCOs and SMEs. MEEF can fund both up to 100 per cent of the capital cost of a project and part-fund large-scale regeneration projects which demonstrate low-carbon credentials.
ABOUT AMBER
Amber Infrastructure (‘Amber’) is a specialist international investment manager, focused on investment origination, asset management and fund management. Amber’s core business focuses on sourcing, developing, advising, investing in and managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.
Amber is headquartered in London with offices in Europe, North America and Australia and employs over 150 infrastructure professionals.
ABOUT EUROPEAN REGIONAL DEVELOPMENT FUND:
MEEF has received up to £51.2 million of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding