London electric taxi firm secures £1.6m to drive further growth

An eco-friendly electric taxi company in central London is steering towards significant growth following a £1.6 million asset refinance deal. Sherbet Electric Taxi Company has unveiled ambitious plans to treble its size over the next year and strengthen its position as a leader in sustainable urban transport.

The funding, provided by Reward Asset Finance and brokered by Ethos Asset Finance, is fuelling the expansion of Sherbet’s 450-strong fleet of electric taxis and supporting the development of its new Camden headquarters. The state-of-the-art facility, opened earlier this year, is set to become a hub of innovation and community engagement.

A key feature of the headquarters will be a 24/7 café and community hub, opening in January, designed to support licensed taxi drivers and offer a safe space for local residents. This initiative aligns with Sherbet’s commitment to enhancing the social and environmental fabric of London.

Founded and led by Asher Moses, a veteran of London’s taxi industry with over 20 years of experience, Sherbet Electric Taxi Company has been at the forefront of green innovation. Moses, who began his career as a licensed Hackney carriage driver in 1989, has consistently pushed the boundaries of what’s possible in the industry—from introducing card payments in taxis in the early 1990s to revolutionising vehicle advertising.

Under his leadership, Sherbet has decommissioned 250 diesel taxis, achieving a fully electric fleet and aligning with Transport for London’s goal of eliminating emissions. The company has also experienced a surge in demand for its services from businesses aiming to meet ESG (environmental, social, and governance) targets.

“Our growth plans have really accelerated in the last 12 months due to growing corporate demand for greener transport solutions, the expansion of our electric vehicle fleet, and the opening of our new headquarters,” said Moses.

“As more companies turn to us to help reduce their carbon footprint and meet their ESG targets, we needed an agile finance solution from Reward to ensure we continue to seize this market opportunity and don’t stand still as a business. We’re now looking forward to opening the new community hub in the new year and aiming to treble in size through a range of strategic mergers and acquisitions that stay true to our overall values and vision,” he added.

The £1.6 million asset refinance deal is enabling Sherbet to pursue mergers and acquisitions that will bolster its position in the market. Robert Still, managing director of Reward Asset Finance, praised Sherbet’s forward-thinking approach: “As a lender which cares greatly about our responsibility to the environment, we’re extremely proud to be helping fund the growth of a business that is doing so much to tackle vehicle pollution across London.”

“Our mission is to deliver responsive asset finance solutions to companies seeking to unlock new market opportunities, foster innovation, and drive growth. Sherbet Electric Taxi Company exemplifies how we empower businesses to access a higher level of funding than traditional banks by utilising the equity in their assets. We look forward to being part of their journey moving forwards and supporting their continued expansion,” he added.