Electric vehicle outfit GoZero is close to securing a $100 million asset finance facility, while MA Moelis rounds up investors for a similarly sized raise.

Street Talk understands GoZero (née TrueGreen) is in advanced talks with the Commonwealth Bank, St George Bank and a handful of other lenders. Sources said the deal could be signed by Christmas.

The proceeds would be earmarked to expand the fleet owned and run by North Sydney Bus Charters, which GoZero acquired for as much as $100 million in August from businessman Scott Riley. It would add to NSBC’s fleet of 225 luxury and standard coaches, and mini-coaches, which make about $50 million revenue at 33 per cent EBITDA margin annually.

The deal is separate to the capital partner search – debt or equity – which is being run by MA Moelis as the lead adviser. BurnVoir Corporate Finance is acting as corporate adviser.

A teaser sent to potential backers listed Transport NSW, the Tasmanian and South Australian government, Woolworths and Qantas as key clients. Investors were told GoZero had sold more than 180 zero-emissions buses and trucks via its mobility unit and had 360-plus in the sales pipeline. Its charter unit had over 250 buses undergoing electrification.


Extracted in full: https://www.afr.com/street-talk/ev-biz-gozero-lines-up-100m-financing-to-expand-fleet-20231129-p5enoq