Projects

Zeti – Colt Cabs

Energy

Low Carbon Mobility

MEEF supported the Green Recovery of the London Black Cab sector by financing zero emissions capable taxis with an innovative and flexible pay per mile platform

Sector

Energy

Low Carbon Mobility

Location

London, England

Status

Operational

Fundig type

Debt £1.1m

financial close

September 2021

Term length

6.5 year loan

Black cab fleet

> 0 vehicles

About

MEEF has provided finance to Colts Cabs to fund 30 LEVC TX vehicles through an innovative and flexible pay-per-mile mechanism managed by Zeti Limited (‘Zeti’)

Colts Cabs are one of London’s largest black cab fleet operators having been in operation since 1991 with over 800 vehicles. Colts rents the black cabs to individual licensed black cab drivers who meet the TfL fit and proper person test.

The LEVC TX is a plug-in-hybrid with an electric range of 63 miles capable of rapid charging with a small petrol engine to extend the range of the vehicle. The LEVC TX has a number of advantages over the older diesel black cabs, including reduced maintenance costs and improved fuel economy, reducing the cab drivers running costs.

Key impacts and benefits

Annual CO2 reduction

0 tonnes

Vehicle reduction equivalent

NOx reduction per vehicle

0.0 %

Sustainable Development Goals (SDGs)

2030 Agenda for Sustainable Development adopted by UN Member States in 2015

SDGs supported:

Outcomes

The investment is aimed to tackle the twin dangers of air pollution and climate change
Each cab is forecast to reduce carbon emissions by 3.9 tonnes and reduce NOx emissions by 99.5%
Overall, the 30 cabs will save 116 tonnes of CO2 per year, the equivalent of taking over 105 cars off the road
This project helps to reduce the impact of the London black cab fleet on London’s air quality and support both the LEVC and the taxi sector recover from Covid-19

Zeti – Colt Cabs

About

Sustainable Development Goals (SDGs)

Outcomes

Barrow OFTO

East Anglia One OFTO (‘EA1’)

Beatrice OFTO