Sustainability drives takeover deal
Carbn, a New Zealand sustainable fleet financing and advisory business, has bought electric mobility company Zilch as part of its plans for “significant expansion” in the coming years.
Shaun Drylie, Carbn’s chief executive officer, says the acquisition will allow it to link its offerings with the car-sharing technology and fleet management services of Zilch.
“This is a powerful combination that will speed up our shared purpose of transitioning New Zealand to low-carbon transport and greater optimisation, efficiencies, and reduced corporate and government fleet sizes,” he explains.
“As well as providing fleet technology, advice and financing, we can now also provide electric vehicle [EV] car-sharing services, making us a one-stop shop for organisations looking to reduce their fleet emissions.”
The financial details of the deal have not been released due to commercial sensitivity but Drylie, pictured, says it “creates significant expansion opportunities for the Carbn Group”.
Carbn was founded in July 2020 and works to reduce fleet emissions through advisory services and finance solutions. Since its inception, it has worked with Zilch and the companies have joint clients including ASB Bank, Genesis, and Xero.
Samantha Sharif, chair of Carbn Group, notes the business is rethinking the private and corporate car ownership model in New Zealand.
“The reality is that having a fleet vehicle for every potential driver is not sustainable or a good use of resources,” she explains. “The work we’re doing is helping businesses operate more efficiently – and reduce their carbon footprint.”
Zilch, formerly Yoogo Share, was launched with EV public car sharing in 2018 and expanded two years later to help businesses decarbonise vehicle fleets.
The deal with Carbn will see the Zilch brand retained and its co-founders, David Jenkinson and Kirsten Corson, will stay on to help with the growth plans.
Jenkinson says: “I’m incredibly proud of what we have achieved and built at Zilch over the past five years and we are pleased to be able to sell Zilch to a business that has shared values and we had a part in creating.”
