FirstGroup PLC on Thursday said it has committed an additional £35 million of investment in the electrification of its bus fleet and infrastructure.
The Aberdeen, Scotland-based transport company said it expects total bus capital expenditure of between £120 million and £125 million in financial 2024.
The company said the investment comes after applications made in partnership with local authorities to secure £25 million in government co-funding to accelerate investment in new electric buses and infrastructure, through the zero emission bus regional area funding scheme.
First said that in addition to funding secured through the ZEBRA scheme in 2022, the new funding will allow First to order 117 electric buses, bringing the total to 600 by March 2024. The company’s York and Norwich depots are set to run the UK’s first fully electric fleets outside of London.
Its Bramley, West Yorkshire and Hoeford, Hampshire depots will also see electric bus fleets introduced as a result of the funding.
Chief Executive Officer Graham Sutherland said: ‘As a leading regional bus operator, we have a key role to play in the decarbonisation of public transport in the UK. The acceleration of our investment in the electrification of our bus fleet and infrastructure, supported by co-funding from government, is another important step for FirstGroup as we deliver on our commitment to decarbonise our fleet and deliver benefits for all of our stakeholders.’
First shares were up 1.7%, trading at 106.80 pence each on Thursday afternoon in London.
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