24 July 2025

London, 24 July 2025 — Zenobē, a UK-headquartered leader in fleet electrification and grid-scale battery storage, has announced the financial closing of a substantial €325 million credit facility. A syndicate of local and global banks will finance the expansion of its electric fleet service offerings across Europe, marking a significant milestone in the continent’s pursuit of carbon‑free transport.

About Zenobē

Founded in 2017, Zenobē Energy has grown from a small start‑up to a powerhouse in the clean‑transportation and energy‑storage sectors. Today, it operates in Europe and Australasia, and is extending into North America. To date, it has developed 430 MW of battery‑storage capacity (with a further 1.2 GW in the pipeline) and holds a ~25% share of the UK electric‑bus market, overseeing some 1,000 EVs globally.

Their flagship Electric Transport‑as‑a‑Service (ETaaS) model bundles depot charging infrastructure, rapid chargers, operational software and on‑board battery swapping, plus parts and logistical support—all financed under long‑term contracts that off‑load capital and operational risk from fleet operators.

Steven Meersman: The Man Behind the Mission

Co‑founder Steven Meersman leads Zenobē’s EV division with a clear vision: make ecological sustainability financially viable for fleet operators. With nearly two decades in battery energy and traded‑commodities markets, he served at Trafigura and Oliver Wyman, and helped establish AES Energy Storage (now Fluence) before founding Zenobē.

Under Meersman’s leadership, Zenobē has rapidly scaled, innovated and structured deals that reduce upfront costs, battery risk and carbon emissions—all critical barriers facing large‑scale electrification.

The €325 Million Boost

The freshly closed credit line brings vital capital to Zenobē’s fleet services expansion in Europe, following previous rounds—including £410 million in 2024 and £600 million of equity from KKR and Infracapital in 2023.

This funding will support the roll‑out of chargers, electric buses, vans and trucks, along with Zenobē’s battery‑management services. By removing the financial barriers to EV deployment, the company aims to light the fuse under Europe’s net‑zero transition.

Europe’s Electric Fleet Opportunity

Europe is rapidly adopting regulations aimed at decarbonising transport. The European Commission mandates stringent CO₂‑emission reduction targets for heavy‑duty vehicles, while urban clean‑air zones restrict diesel fleets in city centres. According to industry estimates, thousands of depots across the EU must upgrade to electric fleets by 2030—a market ripe for ETaaS providers like Zenobē.

Moreover, lifecycle cost studies show that, when properly financed, electric buses often cost less over their lifespan than diesel. That significant cost arbitrage creates both environmental and value‑creation opportunities for fleet operators and financiers alike.

What This Means for MoveTheNeedle Readers

This financing not only underlines investor confidence in Zenobē but also signals a maturing asset class: EV fleet electrification as a bankable infrastructure sector. Similar long‑dated debt platforms in the UK (worth over £1 billion since 2019) demonstrate investor appetite to support Europe’s clean‑transport ambitions with structured financing.

For fleet operators, this should encourage faster deployment of electric buses, vans and trucks in major European markets. For businesses considering electrification, it illustrates the availability of sophisticated service models that bundle hardware, software and financing into turnkey offerings.

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