The Mayor of London's Energy Efficiency Fund (MEEF) is a £500m investment fund to deliver the low carbon, sustainable projects and infrastructure London needs to tackle the climate emergency.
The fund, managed by Amber Fund Management Limited ('Amber'), has provided debt and equity funding solutions to Vehicle-as-a-Service ('VaaS') provider Breathe. Breathe is a London based Small Medium Enterprise ('SME') established in 2021 to clean up London's air quality by providing zero-emissions vehicles to London's private hire drivers.
Powered by Zeti's pay-per-mile fintech platform, 'ZERO', Breathe will provide more than 100 new Tesla Model 3's to private hire drivers, including Uber and replace internal combustion engine vehicles that significantly contribute to air pollution in London.
MEEF is supported by Triodos, a leading sustainable bank, which have committed a significant part of MEEF's capital for the project.
“At Breathe our mission is to provide large scale Electric-Vehicles-as-a-Service offerings and we are excited to be starting with sustainable, flexible and affordable vehicle subscription options for London’s private hire market. We are seeing huge demand for electric private hire vehicles and MEEF’s funding allows us to expand our operations and help more drivers step into their first EV.” - Jeff Davis, Director of Breathe
Other projects funded by MEEF
- Zenobe Energy to install electric charging infrastructure at a bus depot in Walworth.
- London Borough of Southwark for installing water source heat pumps to over 2,000 homes.
- London Borough of Enfield to part-finance the construction of its Meridian Water Heat Network, which will supply over 10,000 new homes with low carbon energy.