Zenobē secures £20m for future growth
Zenobē Energy, one of the UK’s largest independent owners and operators of battery storage, has secured up to £20m of contracted receivables funding. The money comes from NatWest Specialist Structured Finance and is to support the continued growth of the company in the electric vehicle sector.
This NatWest funding is the first financing arrangement to support electric bus and charging infrastructure provided under service contracts to bus operators. NatWest provides funding which is secured against the cashflows generated by Zenobē’s contracts with the operators to provide charging infrastructure and EV bus managed services. Combined with Zenobē’s technical expertise, this NatWest funding should enable the company to offer competitively priced end-to-end services to the bus operators including the design, installation, financing and operation of electrical charging infrastructure in the depot, the financing and optional replacement of the battery in the bus and the financing of the non-battery components of the vehicle.
Zenobē is a UK market leader in battery storage, with 73MW of operational grid-scale battery capacity. Its electric vehicle charging solutions have been used to power electric buses in fleets across England. The company focusses on the innovative use of storage, investing in bespoke software to optimise the monitoring, utilisation and dispatch of its batteries. Its proprietary grid-scale battery software has been further developed to optimise bus charging costs, battery warranties, and generate new revenue opportunities, as well as support telematics for the vehicles themselves.