Nov 16, 2020

Infracapital pumps £150 million into Zenobe Energy

battery
storage
funding
Dominic Ellis
2 min
Funding to capitalise on rising demand for battery, electric and charging infrastructure services, and will support energy storage company's international expansion
Funding to capitalise on rising demand for battery, electric and charging infrastructure services, and will support company's international expansion...

Infracapital, the infrastructure equity investment arm of M&G, is to invest £150 million in Zenobe Energy to capitalise on rising demand for battery, electric and charging infrastructure services.

The funding will also support the energy storage company's international expansion, according to a statement. 

Over the last three years, Zenobe has built up 170MW of contracted battery storage assets, its own proprietary software and a large portfolio of projects. It supports over 100 electric buses and is finalising contracts with operators to support a further 250 electric vehicles by summer 2021.

Emil Henry, CEO of private equity firm Tiger Infrastructure, said: "Three years ago we supported the vision of Zenobe's founders to build a large-scale battery energy storage platform from a small portfolio of initial assets.  

"With Infracapital's investment, the Zenobe team has secured the funding for the next phase of growth in the energy storage and electric vehicle fleet sectors."

Nicholas Beatty, Founder Director, Zenobe Energy, said: “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.”

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Apr 23, 2021

Drax advances biomass strategy with Pinnacle acquisition

Drax
Biomass
Sustainability
BECCS
Dominic Ellis
2 min
Drax is advancing biomass following Pinnacle acquisition it reported in a trading update

Drax' recently completed acquisition of Pinnacle more than doubles its sustainable biomass production capacity and significantly reduces its cost of production, it reported in a trading update.

The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.

The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).

Drax CEO Will Gardiner said its Q1 performance had been "robust", supported by the sale of Drax Generation Enterprise, which holds four CCGT power stations, to VPI Generation.

This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.

In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.

The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.

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