An alignment of interests
To help Colts move in this sustainable direction, MEEF, managed by Amber Fund Management Limited (‘Amber’), has provided the taxi fleet operator with a multi-million Euro loan to finance the zero-emission capable vehicles. The majority of the funds were advanced to acquire the 30 EV black vehicles through an innovative and flexible pay-per-mile mechanism delivered by UK-based fintech, Zeti Limited (‘Zero Emissions Transport Investments’, or ‘Zeti’).
“We’ve recently taken on Teslas for the first time which is very exciting”.
Dan Saunders, Founder and CEO of Zeti.
The financing structure also includes a minimum mileage to protect the lender; it is based on historical data of taxi fleets in London. “In practical terms, this means that even if the vehicles do not travel the expected mileage per year, there is a top-up payment to ensure the lender receives a minimum payment per year”, stresses Peter Radford.
“We are delighted that MEEF is supporting Colts Cabs transition their fleet to zero emissions capable taxis. With the Mayor recently announcing further funding for MEEF we look forward to continuing to support London’s fleet transition to low carbon vehicles”.
Peter Radford, Director of MEEF.