Funding boost gives company access to around £450m to accelerate deployment of energy storage and EV infrastructure
Clean energy infrastructure specialist Zenobe Energy is poised for rapid expansion, after securing a £150m investment from Infracapital, the infrastructure equity investment arm of M&G Plc.
Infracapital’s funding is set to support the growth of Zenobe’s grid-scale battery services and electric vehicle (EV) and charging infrastructure services, the company said.
It added that when combined with debt facilities, the funding means the company will be able to mobilise around £450m of investment in the fast-expanding storage and EV infrastructure sectors.
The total funding could enable Zenobe to deliver at least 500MWhr of additional grid connected batteries, and up to a further 1,000 electric buses or vehicles and associated infrastructure software systems over the next 18 to 24 months. The new investment is also expected to support the company’s expansion internationally.
Zenobe currently boasts 170MW of grid scale batteries in operation or construction, which provide a range of services including balancing, power, and reactive power services in the UK to National Grid and the DNOs. It also supports over 100 electric buses and is finalising contracts with operators to support a further 250 electric vehicles by summer 2021. The company specialises in providing end-to-end services to EV fleet operators, including the design, installation, financing, and operation of electrical charging infrastructure, and the financing and optional replacement of the battery in the EV and the financing of the non-battery components of the EV.
“This investment by Infracapital demonstrates Zenobe’s continuing leadership in the battery sector,” said Nicholas Beatty, Founder Director at Zenobe Energy. “With our focus on innovation and provision of solutions to customers that combine our technology, operational and financing capabilities, this investment will be crucial in allowing us to achieve our growth ambitions in the UK and abroad.
“By driving the adoption of batteries across the transport, infrastructure and utilities sectors, we will help accelerate the uptake of renewable energy, ultimately enabling the transition to a green energy system, both in the UK and internationally.”
Andy Matthews, head of greenfield at Infracapital, said the investment was “indicative of the significant opportunity to build, deliver and operate essential greenfield infrastructure across Europe, where we see considerable scope to deploy further funds in the coming months and years, creating long-term value for our investors”.