Zenobe gets expansion funding
Zenobē has secured up to £20million funding from NatWest to support its growth plans in the EV sector. The funding follows last year’s successful round of £35million equity support from JERA Co and TEPCO Power Grid, and a debt facility from a high street bank secured against battery storage projects.
Zenobē has 73mW of operational grid-scale battery capacity, and the NatWest funding is the first arrangement to support electric bus and charging infrastructure provided under service contracts to bus operators.
NatWest provides funding which is secured against the cashflow generated by Zenobē’s contracts with the operators to provide charging infrastructure and EV bus managed services.
Nicholas Beatty, founder director, Zenobē Energy, says: “This facility with NatWest demonstrates Zenobē’s continuing leadership in the battery sector with its focus on innovation and provision of solutions to customers which combine the company’s technology, operational and financing capabilities.
“This funding will be crucial in allowing us to achieve our growth ambitions and support our fast developing EV fleet businesses as our clients adopt zero emission fleets both in the EV bus sector and the wider EV fleet market”.