London transport company invests in electric buses with £10m funding

A London bus company has invested in new eco-friendly vehicles following a £10m package from a UK bank.

London General Transport Services (LGTS), part of Go-Ahead Group, has added 25 electric double decker buses to its fleet following a £10m sustainable leasing package from HSBC Equipment Finance (UK) Ltd.

The group’s electric bus fleet now totals more than 100 vehicles, which feature iron phosphate batteries that deliver 345 kWh of power and can run for up to 190 miles of typical urban driving.

John Slatter, from Go-Ahead Group, commented: “It is vital for both the future of our planet and for public health that we invest in sustainable transport solutions.

“The support of HSBC UK’s sustainable lease financing has enabled us to increase the number of electric buses across London and we’re excited to continue working with the team as we strive to meet our sustainability goals.”

Rob King, head of sustainability at HSBC UK, added: “Although progress has been made in decarbonising sectors such as renewable electricity generation, transport is now the largest emissions emitting sector.

“The industry is responsible for 28 per cent of all greenhouse gas emissions in the UK with only very modest reductions achieved since 1990.

“The adoption of clean transport is a key priority in reducing greenhouse gas emissions, improving air quality and improving the population’s health.

“Go-Ahead Group has identified electric transport as a clean and sustainable long-term solution to the demands of public transport in London and we are very pleased to work with them on providing this sustainable lease financing.”

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