Burges Salmon advises The Electric Car Scheme on asset-backed lending facility
The firm has advised ECS, the salary sacrifice employee benefit start-up, on its funding transaction with Triple Point Private Credit.
Burges Salmon has advised The Electric Car Scheme (ECS), a UK-based salary sacrifice employee benefit start-up, on an innovative asset-backed lending facility from Triple Point Private Credit.
Set up in June 2020 by Tom Eilon and Thom Groot, ECS allows employees (through their employer – similar to the popular Cycle to Work scheme) to lease electric vehicles at a 30-60% lower cost than they could otherwise access through salary sacrifice.
Electric vehicle adoption plays a pivotal role in the transition to carbon-free transportation and urban sustainability but the process of purchasing low-carbon assets is expensive for consumers. ECS offers a win-win for those employees looking at new car leasing, as it allows them to lower their environmental impact while also reducing their motoring costs.
ECS was advised on the transaction by partner Rachael Ruane and senior associate Nick Middleton from the firm’s Banking and Finance team.
Rachael Ruane comments: “We are pleased to have supported Tom, Thom, and their team through this latest round of financing. Their service offers a crucial difference for individuals choosing electric over cars powered by fossil fuels.”
Burges Salmon also advised ECS in December 2022, on a £2.5 million seed funding round. Both this and the latest facility will fuel its rapid growth ambitions, with the money raised being used to invest in technology and to supercharge its development including by growing its team and reaching as many employers as possible.