Law firm advises The Electric Car Scheme on funding deal

Burges Salmon has advised The Electric Car Scheme (ECS), a salary sacrifice employee benefit start-up, on an 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 Cycle to Work scheme) to lease electric vehicles at a 30-60% lower cost than they could otherwise access through salary sacrifice.

ECS was advised on the transaction by partner Rachael Ruane and senior associate Nick Middleton from the Bristol firm’s banking and finance team.

Ruane said: “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 £2.5m 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.