EO Charging launches new fleet funding platform for electric vehicles

Electric vehicle (EV) charging firm EO Charging has launched a new multi-source financing and services platform - MOBILITe - to help car, van, truck and bus fleets electrify operations.

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 designed to provide customers with a tailored solution at a fixed price.

Six in ten (62%) fleet operators cite the significant upfront purchase costs of vehicles and charging infrastructure as one of the biggest barriers to going electric, according to BP Pulse.

This, says EO Charging, is particularly prevalent in the bus market, where it can cost up to £50 million to transition a fleet of 100 buses.

Keith Watson, head of eBus and eTruck 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: the option to lease vehicles/chassis; turnkey EV charging solutions, from grid upgrades, to hardware, software, installation, and ongoing operations and maintenance; and the option to lease or procure replacement batteries.

Robert King, head of sustainable finance at HSBC UK, 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 eBus 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, 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.”

EO designs and manufactures smart charging solutions for homes and commercial fleets at its headquarters in the UK, including charging stations and cloud-based management software.

EO also provides electrical installation services, grid upgrades and ongoing operations and maintenance for its fleet customer base.

Founded in 2014, EO’s technology is already used by a number of the world’s largest businesses and fleet operators and it now distributes to over 35 countries around the world. It aims to become the global leader in charging electric van, truck, bus and car fleets.