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UK energy storage co Zenobe gets GBP-25m cash injection

Zenobe's 29-MW Aylesford facility. Source: Zenobe Energy Ltd

February 19 (Renewables Now) - Japanese power companies JERA Co Inc and TEPCO Power Grid Inc have made a GBP-25-million (USD 32.3m/EUR 28.6m) investment in UK battery storage owner and operator Zenobe Energy Ltd.

The equity injection deal includes an option for a further GBP 10 million, according to the announcement.

Zenobe is an energy storage firm with 73 MW of operational assets at nine sites, the largest being the 29-MW Aylesford facility. The company has developed the hardware and software capabilities to provide Fast Reserve services to the National Grid and last month started offering flexible power solutions for charging electrical buses in depots.

The energy storage firm said that it plans to use the fresh capital to expand its offering to commercial electric vehicle (EV) operators. It is also developing various new service offerings through which it seeks to “counter the increasingly hostile environment for battery storage in the UK.”

Zenobe obtained GBP 45.5 million of investments over the past 18 months, excluding the latest deal, and also got GBP 30 million of non-recourse senior debt facilities. Its new investors are both linked to Japanese electric utility Tokyo Electric Power Company Holdings Inc (TYO:9501), better known as TEPCO. JERA is an equal joint venture of TEPCO Fuel & Power Inc and Chubu Electric Power Company Inc (TYO:9502), while TEPCO Power Grid Inc is a wholly owned subsidiary of TEPCO.

(GBP 1.0 = USD 1.293/EUR 1.143)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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