Zenobē secures £870m from KKR and Infracapital to expand EV fleets and battery storage.
KKR and Infracapital have taken joint majority stakes in the battery storage specialist.
Zenobē provides electric vehicle fleet electrification services and battery storage solutions.
British battery storage and electric vehicle fleet specialist Zenobē has secured an equity investment of £870m, led by KKR alongside participation from existing shareholder Infracapital. The funding comprises £600m from KKR and £270m from Infracapital, making both firms joint majority shareholders in the company. Jera and TEPCO Power Grid remain minority strategic shareholders.
The capital will accelerate Zenobē's international expansion across Europe, North America, Australia, and New Zealand. The firm also plans to scale its operations to support 4,000 electric buses, trucks, and commercial vehicles by 2026, alongside developing new grid-scale battery storage facilities in Scotland.
From the founder
"Securing substantial further equity is a significant vote of confidence in our business, its achievements to date and future aims. KKR provides Zenobē with a leading international strategic partner to support our expansion plans into North America, Europe and Australasia and other markets. It supports our ability to raise further debt funding for these plans. It is also an acknowledgement that boosting battery storage and clean transport is just common sense to help us reach net zero."
Nicholas Beatty
Founder and Director at Zenobē
Investor perspective
"This is a rare opportunity to support a clear leader in transport decarbonisation and battery storage, two sectors which are critical in driving the transition to a net zero world. We believe Zenobē will continue to benefit from strong secular tail winds including stricter emission regulation in urban and regional areas, and the greater use of low carbon generation in the energy mix driving a need for grid balancing solutions. We see significant growth opportunities within Zenobē’s existing customer base, as well as huge potential in new markets globally. We are excited to bring our operational expertise within KKR’s global platform to actively support the company in continuing to further build a market leading and climate critical business."
Alberto Signori
Partner, European Infrastructure, KKR
Use of funds
- 01Expand into international markets
- 02Build out infrastructure
- 03Scale operations
