Crédit Agricole CIB has committed to a €325 million (approximately $355 million) senior debt financing package to support Zenobē’s rollout of electric buses and trucks across Europe. The funding will enable the UK-based clean transport and battery storage company to deploy up to 1,000 new electric vehicles and expand its fast-charging infrastructure network, accelerating the continent’s transition to cleaner mobility.

Scaling a European e-Mobility Leader

Since its founding in 2017, Zenobē has rapidly evolved from a UK-focused start-up to a global leader in electric fleet services. The company already powers nearly 28 percent of the UK’s electric bus fleet and is now advancing projects in the Benelux region, Finland, and Spain. With operations also underway in Australia and New Zealand, Zenobē is now targeting significant growth across mainland Europe and North America.

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This latest financing round, supported by global infrastructure investors KKR and Infracapital, marks one of the largest private-sector-backed electric fleet deployments in Europe to date. It comes at a time when urban transport systems across the continent are facing growing pressure to cut emissions and reduce air pollution linked to diesel-powered buses and freight vehicles.

Strengthening Crédit Agricole CIB’s Energy Transition Portfolio

Matthew Norman, Global Head of Infrastructure & Advisory at Crédit Agricole CIB, described the deal as a strategic milestone for the bank’s energy transition agenda. “This landmark transaction underscores our growing commitment to the e-mobility sector,” he said. “We are proud to help drive low-carbon infrastructure forward and look forward to building on this success in other markets.”

Tom Wellingham, Director for Infrastructure EMEA, echoed this sentiment, noting that Zenobē’s innovative model stood out in a crowded field. “We’ve watched Zenobē rise as a frontrunner in sustainable transport. Supporting their expansion into Europe is a natural next step and an exciting opportunity to deepen our partnership,” he said.

Financing the Shift to Fleets-as-a-Service

The €325 million debt facility is expected to support Zenobē’s "fleets-as-a-service" offering, which allows cities and logistics companies to electrify their vehicles without taking on upfront ownership risk. This model includes bundled access to electric vehicles, charging stations, software, and maintenance, making the transition to zero-emission fleets both operationally seamless and financially viable.

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According to Henry Manson, Director of Infrastructure Coverage at Crédit Agricole CIB, this transaction builds on the bank’s earlier involvement with Zenobē’s battery storage infrastructure in the UK. “This deal is a clear example of how we can work alongside infrastructure investors like KKR and Infracapital to finance real-world decarbonization in emerging sectors,” he said.

A Template for Global Electric Mobility Investment

Zenobē’s push into continental Europe comes as governments ramp up regulations on internal combustion vehicles and increase subsidies for electric alternatives. With the transport sector remaining one of the largest contributors to greenhouse gas emissions, the availability of large-scale private financing is emerging as a crucial enabler of clean mobility.

As Zenobē continues to expand its presence across new geographies, the company’s partnership with Crédit Agricole CIB reinforces the important role that infrastructure banks can play in backing long-term climate solutions. For both parties, the deal sets a precedent for scaling low-carbon technologies while delivering reliable services to cities and communities.

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