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London’s leading electric taxi firm secures £1.6m asset refinance to drive ambitious expansion

December 17, 2024

A pioneering London-based electric taxi firm has secured a £1.6 million asset refinance deal, strengthening its position in the capital’s rapidly evolving green transport sector and setting the stage for major growth.

Sherbet Electric Taxi Company, which has fully decarbonised its fleet of London black cabs, will use the funding to pursue strategic mergers and acquisitions, boosting its fleet and overall market presence.

The asset finance facility, delivered by Reward Funding and brokered by Ethos Asset Finance, will help Sherbet maximise the commercial potential of its new flagship headquarters in Camden. Beyond serving as a business nerve centre, the site will feature a 24/7 café and community hub launching in January. Designed to support licensed taxi drivers and offer a welcoming space for vulnerable individuals or those needing a safe haven, this initiative underlines the company’s commitment to social as well as environmental responsibility.

Asher Moses, founder and owner of Sherbet, has spent more than two decades innovating within the iconic London taxi trade—introducing credit and debit card payments in the early 1990s and championing taxi advertising. Now, his focus is firmly on sustainable mobility: Sherbet has replaced 250 diesel vehicles with an all-electric fleet, aligning its ambitions with Transport for London’s vision to eliminate emissions and improve the city’s air quality.

“Corporate demand for greener transport solutions is surging, and as we invest further in our fleet and infrastructure, we knew we needed a flexible finance solution,” Moses said. “Reward’s support allows us to seize the current market opportunity, expand swiftly, and stay true to our values. With the asset refinance deal secured, we’re looking to treble in size through carefully considered mergers and acquisitions, all while championing a more sustainable future for London transport.”

For Reward Funding, the deal exemplifies how innovative finance options can unlock growth for businesses with strong social and environmental agendas. Robert Still, managing director of Reward Asset Finance, noted: “We are proud to support Sherbet’s vision, not only as a lender but as an advocate for cleaner, greener mobility. By utilising the equity in their assets, we’ve enabled Sherbet to scale more rapidly than would be possible with conventional bank lending.”

With fresh capital in hand and a clear strategy for scaling up sustainably, Sherbet Electric Taxi Company’s success story looks set to continue, setting a benchmark for how traditional services can adapt to a zero-emission future.