©2020 AEA3 WEB
Image default
IT

UK battery startup Zenobe Energy secures £150M to trigger electric vehicle and battery revolution

As the UK government looks to ban sales of new petrol and diesel cars and vans by 2035, the demand for battery operated vehicles is rising. And so is the investment in battery storage and providers startups and companies.

The latest one in news is London-based Zenobe Energy ( formerly known as Battery Energy Storage Solutions Limited),  which is one of the largest independent owners and operators of battery storage in the UK.

Secured £150 million investment 

Recently, the company has secured a £150 million investment from Infracapital, the infrastructure equity investment arm of M&G Plc to support the company’s growth. The company intends to use the funding to accelerate the UK’s transition to a green energy system. 

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

How will the funding be used?

The total funding will enable the UK company 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.

Zenobe Energy says Infracapital’s funding and infrastructure experience, combined with its innovative solutions, will help accelerate the take up of electric vehicles and the investment in batteries in the UK. 

Andy Matthews, Head of Greenfield at Infracapital said: “We are delighted to announce our investment in Zenobe Energy and to play a role in delivering clean and reliable electric vehicle and battery storage solutions. Zenobe is a leader in its field, with a strong environmental purpose and substantial growth prospects. This investment is indicative of the significant opportunity to build, deliver and operate essential greenfield infrastructure across Europe, where we see considerable scope to deploy further funds in the coming months and years, creating long-term value for our investors.”

Offers flexible power solution

Founded by Nicholas Beatty in 2017, Zenobe Energy was established to enable the transition to full zero-carbon, non-polluting power, and transport systems. The battery storage company provides intelligent flexible power solutions to commercial EV fleet operators, utilities, and industrial and commercial businesses.

The company is backed by the world’s leading strategic investors in energy storage with £25M of equity from JERA Storage BV; the first non-recourse debt facility against battery storage projects from Santander Group (£25M), and receivables financing from NatWest Group (£20M) in June 2020. 

Supports 100 electric buses so far

Right now, 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 to National Grid and the DNOs. The UK company also provides services including load shifting, storage, and off-grid operations to its industrial and commercial customers.

To date, the company is supporting over 100 electric buses and finalising contracts with operators to support a further 250 electric vehicles by summer 2021. Notably, the company provides end-to-end services right from design, and installation to the financing of the non-battery components of the electric vehicle at a competitive price, says the company. 

Emil Henry, CEO of Tiger Infrastructure, said: “We applaud Zenobe’s management team on this critical milestone, and we are pleased to welcome Infracapital to Zenobe’s innovative and market-leading platform.”

James Pincus, Partner at PwC said: “We are delighted to have acted as financial advisor to Zenobe on this transformational transaction. Zenobe has set itself apart from the competition with its unique service offering and ability to adapt and explore new markets. The strong investor appetite we saw through the process demonstrates the significant market opportunity for EV fleet and battery storage solutions as the UK and many other countries seek to implement cleaner energy solutions to achieve their Net Zero targets. We believe that in Infracapital, Zenobe has chosen the perfect partner to help them drive the business going forward.”

The post UK battery startup Zenobe Energy secures £150M to trigger electric vehicle and battery revolution appeared first on UKTN (UK Tech News).

Related posts

Care Quality Commission enquiries into IT scandal CEO continue

AEA3

Google third-quarter results highlight public cloud goals

AEA3

Collaboration tools must support the wellbeing of home workers

AEA3

Your ads here. Click here