Electric Vehicle battery supplier Zenobē has secured additional funding which will enable the company to carry out its growth ambitions
Zenobē Energy, operator of battery storage and supplier of power solutions to commercial Electric Vehicle (EV) fleet operators, has secured a non-recourse £25m debt facility from Santander Corporate & Commercial, to support the continued growth of the company. This follows the successful £35m of equity raised from JERA Co. Inc. and TEPCO Power Grid Inc. earlier this year.
Within the UK, Zenobē has 73MW of operational grid-scale battery capacity. The company focuses on the innovative use of storage, investing in bespoke software to optimise the monitoring, utilisation and dispatch of its batteries, and developed software to enter the fast response market. It is applying the expertise gained through its grid-scale battery operations to provide services to transportation and power-intensive industries turning their clean energy ambitions into a reality, while reducing costs, increasing flexibility and improving the resilience of their power supply.
The firm said that the capital raised from the debt facility will allow Zenobē to invest in:
- Behind the meter services offered to commercial and industrial customers to improve the resilience of their power supply and reduce energy costs;
- Financing the construction and/or purchase of new grid scale battery storage projects, and;
- Providing Zenobē’s services to the fleet vehicle sector including the design, ownership, operation and financing of batteries and charging infrastructure with associated software as a service, as well as financing the battery on the bus and providing this as a service to operators.
Nicholas Beatty, Founder Director of Zenobē Energy, said: “This £25m facility from Santander Corporate and Commercial demonstrates Zenobē’s continuing leadership in the sector with its focus on innovation within the technology, operational and financing sides of the business. The debt raised will be crucial in allowing us to achieve our growth ambitions for our IFM, Commercial and Industrial and fast developing EV fleet businesses.”
Mark Cumbo, Director, Specialised & Project Finance, Santander Corporate & Commercial, added: “Santander is delighted to have closed this landmark transaction and further cemented our relationship with Zenobē. This demonstrates our ability to work with established and ambitious management teams like that of Zenobē, to deliver complex funding solutions and unlock growth opportunities. With the combination of both equity and Santander debt, Zenobē and its highly experienced management team, are able to continue to grow the business and deliver on their strategy in this developing sector.”
