18th Oct 2023 10:06
(Alliance News) - FirstGroup PLC on Wednesday said it had accelerated its investment in electrification as First Bus progresses towards its 2035 decarbonisation target.
The Aberdeen-based transport company said in financial 2024 alone it has committed GBP105 million for electric buses and infrastructure. This investment was also supported by GBP82 million in co-funding, FirstGroup added.
As a result, the firm said it will have more than 600 electric buses, representing around 15% of its fleet, and four fully electric depots in England by March 2024.
FirstGroup said the electrification of its fleet and infrastructure will transform its business and also create new, adjacent revenue streams.
FirstGroup's financial year ends March 25.
Shares in FirstGroup were up 0.1% at 152.70 pence on Wednesday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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