Burges Salmon has advised funds managed by Gravis on two separate funding transactions in the electric-vehicle space. One, advising on the funding of 150 LEVC ultra-low emissions taxis for Colt Cabs. The other, advising on the funding of 100 LEVC ultra-low emissions taxis for Sherbet London.
The funding of the vehicles is through an innovative and flexible pay-per-mile mechanism managed by Zeti, which has developed a financing structure for vehicle leasing based on a pay-per-mile principle measured against the per mile usage of vehicle fleets.
This vehicle financing project is an important step in tackling London’s air pollution and supports the Mayor of London, Sadiq Khan’s commitment to zero-emission transportation in the capital.
The Burges Salmon team advising on the deal was led by partner Victoria Allsopp, alongside director Alistair Rattray and solicitor Harrison Folland, all from the firm’s Banking and Finance team.
Victoria Allsopp comments: “We are pleased to have worked alongside Gravis and Zeti on these projects. The transition to greener transport infrastructure is a critical part of delivering on the UK’s Net Zero strategy and to reducing levels of CO2 in towns and cities across the country. These are the latest in a series of transactions we have advised upon to support a shift from conventional to electric vehicles.”