Rock Road Secures Funding for 30 Fully Electric Buses in London with Help of DNV and Mayor’s Energy Efficiency Fund

Photo courtesy of Wrightbus Electroliners

(PRESS RELEASE) BÆRUM, 16-Jan-2023 — /EuropaWire/ — DNV, the independent energy expert and assurance provider, has announced the completion of the Technical Due Diligence for the Mayor of London’s Energy Efficiency Fund (MEEF), which is managed by Amber Fund Management Limited. The MEEF provided funding for Rock Road, a subsidiary of Rock Rail, to deploy 30 new fully zero-emission electric buses in London. DNV’s assessment included a review of the key risks associated with deploying electric bus fleets, such as analyzing aspects of the battery, chassis, and estimated CO2 savings.

Electrification is key to energy independence, energy efficiency and the decarbonization of economies, Nations are surging ahead to meet their net zero and energy security ambitions. DNV’s UK Energy Transition Outlook (ETO) highlights that the battery-electric vehicle share in the total commercial fleet is expected to reach 13% in 2030 and 80% by 2050, lagging behind the passenger vehicle segment but expected to accelerate with improvements in technology, financing and anticipated zero emission mandates.

Hari Vamadevan, Executive Vice President, and Regional Director UK & Ireland of Energy Systems at DNV, said: “As we strive to decarbonize and meet net zero ambitions, the electrification of road transport will have one of the most visible effects on everyday life. Our UK Energy Transition Outlook forecasts that the electrification of road transport is accelerating. By 2025 as many as 58% of all passenger vehicle sales will be EVs in the UK. We also expect a rapid electrification of bus fleets. We are delighted to showcase our unique combination of battery market knowledge, electric bus expertise and an independent forecast of battery prices, which leverages the ETO.”

The 30 Wrightbus Electroliners will be operated out of Twickenham depot on Route 111 by Abellio. The state-of-the-art vehicles will replace old diesel buses which will save c.1,750 tonnes of CO₂ each year. This project represents the first financing of zero-emission buses in the UK by a consortium led by Rock Road Holdings Ltd and MEEF.

About DNV 

DNV is an independent assurance and risk management provider, operating in more than 100 countries. Through its broad experience and deep expertise DNV advances safety and sustainable performance, sets industry standards, and inspires and invents solutions.

Whether assessing a new ship design, qualifying technology for a floating wind farm, analysing sensor data from a gas pipeline or certifying a food company’s supply chain, DNV enables its customers and their stakeholders to manage technological and regulatory complexity with confidence.

Driven by its purpose, to safeguard life, property, and the environment, DNV helps its customers seize opportunities and tackle the risks arising from global transformations. DNV is a trusted voice for many of the world’s most successful and forward-thinking companies.

In the energy industry 

DNV provides assurance to the entire energy value chain through its advisory, monitoring, verification, and certification services. As the world’s leading resource of independent energy experts and technical advisors, the assurance provider helps industries and governments to navigate the many complex, interrelated transitions taking place globally and regionally, in the energy industry. DNV is committed to realizing the goals of the Paris Agreement, and supports customers to transition faster to a deeply decarbonized energy system.

Media contacts:

Chris Gowen
Regional Communications Manager, UK & Ireland
Phone: +44 203 8164 719
contact.energysystems@dnv.com

Viken Chinien
Head of Department, Enterprise Risk Management
Phone: 02077166550
contact.energysystems@dnv.com

Penda Sall
Media Relations, Energy Systems
Phone: +33 651 69 88 64
contact.energysystems@dnv.com

SOURCE: DNV AS