EO’s new ‘MOBILITe’ platform is designed to draw on the support of some of the UK’s largest financial institutions to provide everything a business needs to go electric for a fixed monthly cost
EO Charging, which provides electric vehicle (EV) charging solutions for car, van, truck and bus fleets throughout Europe, has launched a new multi-source financing and services platform, ‘MOBILITe’, to help accelerate the rollout of EV fleets across the UK. Advised by law firm Addleshaw Goddard and backed by a number of the UK’s largest banks and financial institutions, including HSBC UK, MOBILITe is a new ‘as-a-service’ solution that provides vehicle operators in the e-bus market with everything they need to go electric for a fixed monthly cost.
EO says that six in ten fleet operators cite the significant upfront purchase costs of vehicles and charging infrastructure as one of the biggest barriers to going electric, a problem which it says is particularly prevalent in the bus market, where it can cost up to £50 million to transition a fleet of 100 buses. MOBILITe is designed to ease the financial burden by providing customers with a tailored solution at a fixed price, helping vehicle operators to reduce financial unknowns and accurately forecast return on investments.
Keith Watson, Head of e-bus and e-truck at EO Charging, said: “We know that businesses and local governments want to meet the UK’s net zero goals, but the scale and cost of the electrification projects required present a substantial barrier. That’s why we’ve created this solution – to make it quicker and easier for our customers to access the capital, services, and expertise they need to electrify their fleets.”
Through MOBILITe, EO will be able to offer a range of services to customers, including vehicle-as-a-service, offering operators the option to lease vehicles or chassis; charging-as-a-service, providing turnkey EV charging solutions, from grid upgrades, to hardware, software, installation, and ongoing operations and maintenance; and battery-as-a-service offering the option to lease or procure replacement batteries.
Head of Sustainable Finance at HSBC UK Robert King said: “Many businesses are looking to move to electric vehicles as part of their plans to reduce their operational emissions, future proof their commercial vehicle fleet and reduce costs. As part of HSBC UK’s commitment to supporting businesses in all transport sectors transition to lower carbon emissions, we are delighted to be shortlisted as a funder to support EO with the roll-out of electric vehicle bus and charging infrastructure.”
EO will handle all negotiations with the financial institutions, manufacturers and service providers, as well as managing the entire process on behalf of the customer throughout mobilisation, installation and the term of the lease. Initially created as a solution for the e-bus sector in the UK, EO believes MOBILITe will be also a valuable service for van and truck fleets and could be rolled out to other markets in the coming years.
Paul Dight, Head of Low Carbon Vehicles Group at Addleshaw Goddard said: “The bus sector has particularly challenging electrification and net zero targets, requiring innovation in delivery and funding models for operators to achieve them. MOBILITe removes the hurdle of significant up-front investment costs by spreading them across the asset life. It also offers flexibility, allowing businesses to focus on what they are good at and take everything else as a service, optimising risk and value. These factors will be critical to the speed of adoption for all those converting to low and zero carbon vehicles.”
