UK energy storage solutions provider Zenobe Energy is targeting an additional 500MWh of storage and 1,000 electric buses following a £150 million (US$198.94 million) investment the infrastructure equity investment arm of investment manager M&G.
When this £150 million is combined with debt facilities, Zenobe will be able to deploy an estimated £450 million into its battery storage and transport electrification ambitions.
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Specifically, this combined funding will allow it to deploy at least 500MWh of additional grid-connected batteries and up to a further 1,000 electric buses and associated infrastructure software systems over the next 18 to 24 months. It is also to help support Zenobe’s expansion internationally.
This follows on from Zenobe launching its end-to-end solution for the electrification of buses in May 2019, where it provides financing for charging infrastructure, stationary battery storage located in the depot for overcoming grid constraints, batteries on the vehicles and the vehicles themselves. Most recently, it installed charging infrastructure and two Tesla batteries in Leeds, north England.
Multinational banking group and financial services company Santander made a £25 million investment in the firm in late 2019 in a move intended to support the company pursue further growth, and UK retail bank NatWest invested £20 million in June 2020 to help develop the EV side of the business.
The company currently has 170MW of grid scale batteries in operation or construction, and is currently supporting over 100 electric buses and finalising contracts with operators to support a further 250 electric vehicles by summer 2021.
It also took part in the world first Power Potential Project, providing 10MW of storage to the UK's electricity system operator, National Grid ESO, for reactive power services.
Nicholas Beatty, founder director at Zenobe Energy, said the investment by Infracapital demonstrates the company'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.”
This story first appeared on Current±.