Zenobe Energy, an independent owner and operator of battery storage, has announced the launch of up to £120m of funding to accelerate the rollout of commercial electric vehicle fleets.

Supporting the government’s £48m Ultra-Low Emission Bus scheme (ULEB) announced in February this year, Zenobe’s fund is predominantly aimed at local authorities and bus operators, as well as fleet operators to transition to electric vehicles. The firm is consequently inviting companies to get in touch with electric vehicle fleet projects.

Zenobe says it can provide a range of solutions including upfront financing for local authorities, OEMs, and bus and other fleet operators. The idea is that Zenobe invests in infrastructure and implementation of an electric vehicle fleet, while the customer benefits from vastly reduced initial outlay, and pays for the use of equipment and vehicles on a pence-per-mile service fee or a fixed monthly charge.

Zenobe claims its solution will also lower the total lifecycle cost by as much as 30% in some cases. Zenobe Energy will work with the Low Carbon Vehicle Partnership to ensure all projects are zero emission and are compatible with the standards set in the government’s recent ULEB scheme, for electric bus schemes.