The Mayor of London’s Energy Efficiency Fund (‘MEEF’), managed by Amber Fund Management Limited (‘Amber’), has provided financing to Otto Cars to fund 50 Kia Nero electric vehicles through an innovative and flexible pay-per-mile mechanism managed by Zeti Limited (‘Zeti’).
Zeti, a leading innovator in the clean transport sector, has provided its fintech platform to power the deployment of 50 Kia Nero cars for Otto Car Limited, Europe’s largest provider of electric vehicles to private-hire drivers.
Zeti stands at the forefront of the shift towards clean transport by leveraging real-time financial data to accelerate the availability of funding for zero and ultra-low emission vehicles, helping operators looking to decarbonise their fleets and achieve net zero targets.
Otto Car collaborates with ride-hailing platforms like Uber, leading the charge in vehicle electrification and fostering a community of over 10,000 drivers. Drivers enjoy the advantages of a flexible partnership, supportive community, comprehensive claims and licensing management.
Since launching in July 2018, MEEF has made investments in electric vehicles, EV charging, district heating, streetlighting and energy efficiency sectors creating energy savings of over 40 GWh.
Peter Radford, Director of MEEF, Amber said: “We are delighted to work together with Zeti and Otto Car to support this innovative approach to financing, and in doing so, helping to accelerate the shift from conventional to electric vehicles in the Capital.”
Dave Kennon, Commercial Director, Zeti said: "Adding Otto Car as a client is an exciting moment in Zeti's growth story. Otto are the largest and most technologically advanced PCO fleet in the UK by far; the partnership signals the value of the Zeti fintech platform to major fleets, bringing real value and insights that keep fleet financing costs to a minimum. We are pleased to deliver for Otto both financing through the Mayor's fund and our fintech platform that will play a part in the growth of such a successful business."
Shirley Rodrigues, Deputy Mayor for Environment and Energy said: "I am delighted to see further steps being taken to build a better, greener London for everyone. The investment from the Mayor’s Energy Efficiency Fund will support the partnership between Zeti and Otto as we accelerate the switch to electric vehicles. It is a fantastic way to tackle air pollution and reduce the city’s carbon emissions to help us reach the Mayor’s net zero target by 2030.”
NOTES TO EDITORS:
Zeti is a green fintech scaleup that originated in London but now also operates in California and New York. We’re on a mission to reduce carbon emissions and make it easier for fleets to transition to zero and ultra-low vehicles whilst also offering institutional lenders the option to generate attractive, risk-adjusted returns in a new, clean asset class. Zeti's digital financing platform connects operators of business-critical vehicle fleets to facilitate clean mobility. The company sits at the intersection of fintech, mobility, and sustainability, unlocking the potential of technology to revolutionize the financing of transport and support the goals of business and society.
About Otto Car
Otto Car is Europe’s largest provider of electric vehicles to private-hire drivers, offering easy access to reliable PCO cars with no credit checks, so that everyone has the opportunity to improve their own life. Since 2015, Otto Car has helped over twenty thousand private-hire drivers.
MEEF was established by the GLA in 2018 and is managed by Amber. MEEF provides a mixture of senior debt, mezzanine debt and equity to London’s public-sector property owners and small-to-medium-sized businesses, including but not exclusively, Local Authorities, NHS Trusts, Registered Providers, Higher and Further Education organisations, Charities and Voluntary Organisations, ESCOs and SMEs. MEEF can fund both up to 100 per cent of the capital cost of a project and part-fund large-scale regeneration projects which demonstrate low-carbon credentials.
About Amber Infrastructure Group
Amber is a specialist international investment manager, focused on investment origination, asset management and fund management. With c.€5 billion in funds under management, Amber invests across eight funds and a number of managed accounts.
Amber’s core business focuses on sourcing, developing, advising, investing in and managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.
Amber is headquartered in London with offices in Europe, North America, Australia and New Zealand. Amber employs over 180 infrastructure professionals globally and manages over 175 investments.