DNV to aid electric vehicle growth plans in UK and Republic of Ireland

DNV, the independent energy expert and assurance provider, has acted as technical advisor to Zenobē Energy as it secured a GBP 241 million structured finance deal to expand its electric vehicle (EV) offering. DNV conducted independent technical due diligence of Zenobē Energy’s portfolio of 430 electric buses and depots in the UK and Republic of Ireland, to assess the technical risks for this innovative and bespoke funding package deal for the lenders.

DNV provided a tailored scope including battery replacement cost forecast, technical site portfolio review, vehicle useful economic life assessment, estimation of CO2 savings, and charging performance review to enable a complete appraisal of the business case.

The UK Government has signalled the transition to zero-emission EVs by announcing investment and laws to advance the electric vehicle revolution, including bringing forward the phase-out date for the sale of new petrol and diesel cars and vans to 2030.

EV growth plans in UK

DNV’s Energy Transition Outlook forecasts that the electrification of road transport is fast. By 2050, more than 90% of all passenger vehicle sales will be EVs. It is anticipated that there will be 1.3 billion passenger electric vehicles on roads around the world by mid-century, as oil demand more than halves in the transportation sector.

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