Investment manager M&G’s infrastructure-focused Infracapital subsidiary has invested £150m ($198m) in Zenobe, a UK-based energy storage and charging services provider backed by energy providers Tepco Power Grid and Jera.
Zenobe offers large-scale energy storage as a service for businesses that do not want to expend capital for their own equipment upfront. It serves large infrastructure operators and power generators and also provides charging services for public transport and vehicle fleet operators.
Tokyo Electric Power subsidiary Tepco Power Grid and Jera, a joint venture by Tokyo Electric and Electric Power, had combined to provide $32.3m in funding for Zenobe in February 2019.
The company had previously received approximately $53m in a 2017 equity round led by Tiger Infrastructure Partners, it said this week.
Nicholas Beatty, founder director of Zenobe, said: “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 utilities 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.”
