Infracapital pumps £150 million into Zenobe Energy
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.”