Zenobe secures funding to boost growth
Zenobe Energy, operators of battery storage and service provider to electric vehicle operators, has secured a £150m investment from Infracapital, the infrastructure equity investment arm of M&G Plc, to support the company’s growth. The committed funding will allow Zenobe to help 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 £450 million in these sectors, which it says will further accelerating the utilisation of batteries to support renewable power generation and the electrification of vehicle fleets in the UK and overseas. This total funding would enable Zenobe to support customers with at least 500MWhr 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.
As well as helping encourage the take up of electric PCVs in the UK, the funding will also support the company’s expansion internationally.
Zenobe supports over 100 electric buses and finalising contracts with operators to support a further 250 electric vehicles by summer 2021. The company provides competitively priced end-to-end services to the electric vehicle fleet 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 electric vehicle and the financing of the non-battery components of the electric vehicle.