Infracapital commits £150m to support Zenobe Energy expansion

  • One of the UK's leading operators in intelligent energy storage and EV fleet solutions
  • Investment will accelerate the UK's transition to a green energy system
  • Substantial and growing UK and international market opportunity

Infracapital, the infrastructure equity investment arm of M&G Plc, has committed £150m to Zenobe, one of the UK's leading independent owners and operators of battery storage and provider of services to electric vehicle operators, to support the company's growth as it accelerates the UK's transition to a green energy system.

Zenobe is spearheading the shift to a zero-carbon economy through its innovative, emission-free energy and transport solutions. The committed funding from Infracapital will support the growth of Zenobe's grid-scale battery services and electric vehicle and charging infrastructure services, helping the transport and energy sectors to address key challenges caused by climate change.

Infracapital will leverage its network and proven experience in developing high growth essential infrastructure platforms to support Zenobe in realising its near-term growth ambitions to accelerate the take up of electric vehicles and the investment in batteries in the UK, as well as supporting the company's international expansion.

Zenobe is the first company to provide a full EV fleet for bus operators, serving around 20% of the EV bus market in the UK. It offers an end-to-end, one-stop service to develop, finance, install and operate EV charging infrastructure at bus depots, as well as the provision of EV bus batteries and chassis. Zenobe currently services over 100 electric buses, with a further 250 electric vehicles in the pipeline by summer 2021. It works with blue-chip operators including Stagecoach, First Group and Abellio.

Zenobe has over 170MW of contracted grid-scale batteries, which provide a range of services including balancing, power and reactive power services in the UK to National Grid and DNOs. The company also utilises its expertise in batteries to provide industrial and commercial customers with services including load shifting, storage and off grid operations to optimise their use of power.

The investment comes from Infracapital's greenfield strategy, which seeks to build, deliver and operate essential and sustainable greenfield infrastructure across Europe. It aims to meet the growing need for clean, new-build infrastructure to meet CO2 emission targets, whilst satisfying the changing needs of society and driving sustainable returns for investors.

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."

Nicholas Beatty, Founder Director at Zenobe, 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 utilise 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"


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About Infracapital
Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 50 companies around Europe and has raised and managed over £6.5 billion of client capital across six funds.

Infracapital is part of M&G Plc, a leading European savings and investment business. M&G manages the long-term savings of more than 5 million people and is a major investor in the UK and in the global economy. Total assets under management are £339 billion (as at 30June 2020.)


About Zenobe Energy Ltd. (Zenobe)

Zenobe Energy is one of the largest independent owners and operators of battery storage with c. 170MW of contracted storage assets, around 20% market share of the EV bus sector, its own proprietary software and a large portfolio of projects in the pipeline. Zenobe provides intelligent flexible power solutions to commercial EV fleet operators, utilities and industrial and commercial businesses. The company's battery storage services help clients manage power more effectively so they can lower costs, improve resilience and reduce their environmental impact.








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