The Mayor of London’s energy efficiency fund (MEEF) has contracted FinTech company Zeti to deliver pay-per-mile funding of net-zero taxis across the capital.
MEEF – a £500m investment fund – will make finance payments on a per-mile basis to boost the cash flow of fleet operators.
The funding will have as its first beneficiary Colt Cabs, London’s largest independent taxi fleet, and it will be enabled by Zeti’s ZERO platform.
“This project is a great example of how the Mayor of London’s energy efficiency fund is supporting schemes that help deliver this goal, and how London can accelerate climate action through a combination of public and private sector capital investment,” said Shirley Rodrigues, environment and energy’s deputy mayor.
“A third of London’s black cabs are now electric, helping to tackle the twin dangers of air pollution and climate change and we are delighted that MEEF is helping more of our black cabs to go green.”
The MEEF deal is one of several partnerships that Zeti struck to facilitate the funding of zero-emission fleets.
“By working with Zeti and utilising their innovative financing platform, ZERO, MEEF will have access to real time finance and environmental data, demonstrating the impact MEEF is making in improving London’s air quality,” said MEEF’s director Pete Radford.
“With the mayor recently announcing further funding for MEEF we look forward to continuing to support the capital’s fleets transition to low carbon vehicles.”
London mayor Sadiq Khan announced at COP26 a £30m investment over the next two years to the MEEF.
The funding, which are expected to unlock a further £150m from private backers, will help London reach its net-zero targets.