Zenobe Energy has secured a £150million investment from Infracapital, infrastructure equity investment arm of M&G Plc, to support its growth plans. Zenobe says the funding will allow it to accelerate the UK’s transition to a green energy system.
Infracapital’s funding will support the growth of Zenobe’s grid-scale battery services and electric vehicle and charging infrastructure services.
Combined with debt facilities, the company estimates that this will enable it to deploy around £450million 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.
The funding would enable Zenobe to support customers with at least 500MWh 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.
Zenobe has 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.
The company is supporting more than 100 electric buses and is finalising contracts with operators to support a further 250 electric vehicles by summer 2021.
Nicholas Beatty, founder director, Zenobe Energy, says: “This investment by Infracapital demonstrates Zenobe’s continuing leadership in the battery sector. 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.”