Zenobe Energy was featured in an article in the Financial Times detailing the £150m investment from Infracapital of M&G Investments to support the company’s continuing expansion into green, clean electric buses and grid-scale batteries across the UK and beyond.
“Demand for batteries is rising as the UK government looks to ban sales of internal combustion engine cars and vans by 2035 and meet its target of having net-zero greenhouse gas emissions by mid-century,” says Henry Sanderson, Metals and Mining Correspondent at the FT.
The committed funding announced today will allow Zenobe to help to accelerate the UK’s transition to a green energy system. Combined with debt facilities, Zenobe estimates this will enable the company to deploy around £450 million in these sectors, further accelerating the utilisation of batteries to support renewable power generation and the electrification of vehicle fleets in the UK and overseas. This total funding would enable Zenobe to support customers with 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 investment follows on from the raise of c.£40m of equity from private investors and the leading early stage infrastructure investor Tiger Infrastructure Partners LP in 2017; £25m of equity from JERA Storage BV and the first non-recourse debt facility against battery storage projects from Santander Group (£25m), both completed in 2019; and receivables financing from NatWest Group (£20m) in June 2020, to support Zenobe’s EV fleet business.
Read the full article from the Financial Times here.
For further information, please contact:
Eryl Bradley (07811042863 / Zenobe@standagency.com )
About Zenobe Energy Ltd. (Zenobe)
Zenobe Energy is one of the largest independent owners and operators of battery storage with c. 170MW of contracted storage assets, around 20% market share of the EV bus sector, its own proprietary software and a large portfolio of projects in the pipeline. Zenobe provides intelligent flexible power solutions to commercial EV fleet operators, utilities and industrial and commercial businesses. The company’s battery storage services help clients manage power more effectively so they can lower costs, improve resilience and reduce their environmental impact.