UK-based energy storage system provider Zenobe Energy received £25m ($32.3m) in funding on Tuesday from electricity transmission services provider Tepco Power Grid and fuel and power supplier Jera.
Zenobe produces and installs battery systems that can flexibly store energy to suit the needs of businesses, including the charging needs of electric buses in depots, on site, and currently has 73 MW of systems online.
The company owns and operates the systems and customers pay them for the energy. It also provides frequency balancing and power reserve services for grid operators, and is capable of supplying 50 MW of reserve energy in a matter of seconds.
Tepco Power Grid is a subsidiary of energy utility Tokyo Electric Power Company, while Jera was formed as a joint venture by Tokyo Electric and fellow utility Chubu Electric Power in 2015. The deal also gives them an option to invest a further £10m at a later date.
Satoshi Yajima, senior vice-president of Jera’s overseas business, said: “Zenobe has a strong track record of successful commercial innovation and application of battery storage, on the basis of its deep understanding of energy storage technologies and customer requirements, as well as leveraging important industry relationships.
“We are delighted to be associated with the reputation and capabilities that Zenobe’s management team bring and therefore look forward to a fruitful strategic collaboration with Zenobe not just in the UK, but also in Japan, Asia and beyond.”
Zenobe said the investment brought its overall equity funding to £45.5m in the past 18 months, in addition to £15.5m in debt financing from financial services firm Santander and investment firm Generation Investment Management.
Photo courtesy of Zenobe Energy Limited.
