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GoZero gets bank backing for bus electrification

Manufacturing News

Transport electrification group GoZero has received $80 million in asset finance facilities from the Commonwealth Bank which will fund the electrification of the bus fleets of Sydney independent schools.

The schools, including Queenwood, Knox Grammar and Scots College, through GoZero’s charter business the NSBC Group, will have their diesel buses replaced by battery electric buses as part of the deal.

Founded in 2020, GoZero is a leading manufacturer and integrator of zero emission solutions and vehicles for business and government fleets, with customers such as Transit Systems Australia, Transport for NSW, UGO Mobility, South Australian government, Tasmanian government, Woolworths and Swissport.

CEO of GoZero Stephen Cartwright said: “There has been an increased appetite for electric buses in the schools market.

“Schools are not only interested in reducing their carbon emissions, they also want a healthy and safe environment for students.

“With zero fumes and all coaches being seat belted, the GoZero electric coaches help with the overall health and well- being outcomes for students.”

According to research by The Australia Institute, buses make up 0.5 per cent of Australia’s registered vehicles, but account for up to six per cent of air pollutants and produce roughly 1.4m tonnes of CO2 equivalent pollution each year — equivalent to the ACT’s total annual emissions.

The General Manager, Major Client Group NSW at CBA Jane Thomson said: “This presents a significant opportunity for decarbonisation – replacing Australia’s bus fleet with zero emissions buses can utilise electrification technologies already available today while reducing our nation’s overall carbon footprint.”

CBA’s commitment to supports the bank’s 2030 Sustainability Funding Target (SFT).

CBA aims to deliver $70 billion in cumulative funding across a range of sustainable industries and asset types including renewables, energy efficiency, low carbon transport, commercial property, land and agriculture, waste management and sustainability-linked lending.

Picture: GoZero Group

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