The leading London-based electric taxi company has secured a £1.6m asset refinancing deal, strengthening its position in the capital’s rapidly developing green transport sector and paving the way for significant growth.
Electric taxi company Sharbat, which has fully decarbonised its fleet of black taxis in London, will use the funding to pursue strategic mergers and acquisitions, strengthening its fleet and overall market presence.
The asset financing facility, provided by Reward Funding and brokered by Ethos Asset Finance, will help Sherbet maximize the commercial potential of its new headquarters in Camden. In addition to being a vibrant business hub, the site will feature a 24/7 café and a community center that will launch in January. Designed to support licensed taxi drivers and provide a welcoming space for vulnerable individuals or those in need of a safe haven, this initiative underscores the company’s commitment to social and environmental responsibility.
Asher Moses, founder and owner of Sherbet, has spent more than two decades innovating within London’s iconic taxi trade, introducing credit and debit card payment services in the early 1990s and supporting taxi advertising. Now, its focus is firmly on sustainable mobility: Sharbat has replaced 250 diesel vehicles with an all-electric fleet, aligning its ambitions with TfL’s vision to eliminate emissions and improve the city’s air quality.
“Businesses are increasingly demanding green transportation solutions, and as we invest more in our fleet and infrastructure, we realize we need a flexible financing solution,” Moses said. “Reward’s support allows us to seize the current market opportunity, scale quickly and stay true to our values. With the asset refinancing deal secured, we look to triple our size through carefully considered mergers and acquisitions, all while supporting a more sustainable future for London’s transport.”
For rewards financing, the deal exemplifies how innovative financing options can unleash growth for companies with strong social and environmental agendas. Robert Steele, Managing Director of Reward Asset Finance, noted: “We are proud to support Sharbat’s vision, not only as a lender but as an advocate for cleaner, greener mobility. By leveraging the equity in their assets, we have enabled Sharbat to expand more rapidly.” “than was possible through traditional bank lending.”
With new capital and a clear strategy to expand sustainably, Sharbat Electric Taxi’s success story looks set to continue, setting a benchmark for how traditional services can adapt to a zero-emissions future.