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					</table><p><a href="https://www.zenobe.com/" target="_blank" rel="noopener">Zenobē</a>, a global fleet electrification and battery storage solutions company, has secured approximately £600 million (~$643.9 million) in funding from <a href="https://www.kkr.com/" target="_blank" rel="noopener">KKR</a>, an international investment firm. The company also received an additional infusion of around £270 million (~$289 million) in equity, which has been contributed by <a href="https://www.infracapital.co.uk/" target="_blank" rel="noopener">Infracapital</a>, an existing shareholder.</p>
<p>Pending the fulfillment of standard closing requirements and regulatory authorizations, KKR and Infracapital are set to become co-majority stakeholders in Zenobē.</p>
<p>Meanwhile, <a href="https://www.jera.co.jp/en" target="_blank" rel="noopener">Jera</a> and <a href="https://www.tepco.co.jp/en/pg/index-e.html" target="_blank" rel="noopener">TEPCO Power Grid</a> will continue to hold their positions as minority strategic investors.</p>
<p>Zenobē supports over 1,000 electric buses, trucks, and commercial vehicles worldwide. It has deployed vehicles in over 75 depots, spanning locations from Glasgow and Coventry in the UK to Sydney and Melbourne in Australia.</p>
<p>The equity investment is expected to bolster Zenobē&#8217;s capacity to support electric vehicles (EVs) and charging infrastructure. By 2026, the company aims to have 4,000 electric buses, trucks, and commercial vehicles on the road.</p>
<p>Zenobē also offers Electric Transport-as-a-Service (ETaaS), a comprehensive solution that includes battery replacement, charging infrastructure, and energy optimization software.</p>
<p>As renewable energy continues to play a pivotal role in the global energy landscape, grid-scale battery storage solutions are essential to ensure this power&#8217;s efficient use.</p>
<p>Zenobē operates approximately 430 MW of contracted grid-scale battery storage in the UK, including the 100 MW battery storage asset in Capenhurst, Cheshire.</p>
<p>The equity investment will enable Zenobē to construct two additional battery storage sites in Scotland and extend the capacity of its Blackhillock storage asset. These developments will facilitate the integration of wind power into the grid, contributing to Zenobē&#8217;s goal of commissioning approximately 1.2 GW of storage in the UK by 2026.</p>
<p>Furthermore, Zenobē is set to develop an additional 2.5 GW of battery energy storage assets in North America and Australia by 2030, aligning with the growing demand for grid-balancing solutions.</p>
<p>In February this year, Zenobe Energy <a href="https://www.mercomindia.com/funding-and-ma-roundup-zenobe-secures" target="_blank" rel="noopener">secured</a> a multi-source debt structure of £241 million (~$326.2 million) to accelerate the expansion of the electric vehicle fleet sector. The funding platform advised by NatWest takes total debt support from financial institutions in the UK to over £300 million (~$406.1 million).</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">1H and Q2 2023 Funding and M&amp;A Report Storage and Grid Report</a>, in the first half of 2023, corporate funding for energy storage companies reached an impressive $7.1 billion across 59 deals.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Zenobē Secures £870 Million for Global EV Fleet and Battery Storage Expansion


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					</table><p><a href="http://eng.sk-on.com/" target="_blank" rel="noopener">SK On</a>, a battery technology company and a subsidiary of SK Innovation, has secured a significant long-term financial investment of up to $944 million to support the continuous growth of its battery business in the global market.</p>
<p>The agreement involves <a href="https://www.skinnovation.com/" target="_blank" rel="noopener">SK Innovation</a>, SK On, and the <a href="https://www.mbkpartnerslp.com/" target="_blank" rel="noopener">MBK Consortium</a>, which comprises financial investors from the United States, the Middle East, and other regions.</p>
<p>MBK Consortium will invest $800 million in SK On. Additionally, <a href="https://www.alahlicapital.com/Pages/Home.aspx?lang=en" target="_blank" rel="noopener">SNB Capital</a>, a subsidiary of Saudi Arabia&#8217;s largest commercial bank,<a href="https://www.alahli.com/en-us/Pages/RB-SNB-Home-New.aspx" target="_blank" rel="noopener"> Saudi National Bank</a>, is in discussions to invest up to $144 million in SK On through the Korea Investment PE <a href="https://www.eastbridge.asia/" target="_blank" rel="noopener">EastBridge</a> Consortium.</p>
<p>SK On operates EV battery production facilities in South Korea, the United States, China, and Hungary. The company plans to significantly increase its annual production capacity from 88 GWh in 2022 to at least 220 GWh by 2025.</p>
<p>To achieve this ambitious goal, SK On is expanding its existing facilities and pursuing joint ventures with major car manufacturers like <a href="https://www.india.ford.com/" target="_blank" rel="noopener">Ford</a> and <a href="https://www.hyundaimotorgroup.com/main/mainRecommend" target="_blank" rel="noopener">Hyundai Motor Group</a> to establish new battery production projects.</p>
<p>Prior to this recent funding, SK On had already raised $2.4 billion through the Korea Investment PE EastBridge Consortium and additional investments from its parent company, SK Innovation.</p>
<p>With the newly secured investments, SK On has exceeded its initial target of $3 billion, reaching a total funding amount of up to $3.4 billion.</p>
<p>In a separate announcement, SK Innovation revealed its commitment to providing a debt guarantee for SK On&#8217;s borrowing of $1.5 billion from Hyundai Motor Company and <a href="https://www.kia.com/in/our-vehicles/seltos/showroom.html?utm_source=google&amp;utm_medium=sem&amp;utm_campaign=kia_brand&amp;gclid=CjwKCAjw1YCkBhAOEiwA5aN4ATHCh1oEMNjMwHw8kVelLFuMFjystsvzI1MHL8KSCE9mYC0K09wonBoCAT8QAvD_BwE" target="_blank" rel="noopener">Kia</a>.</p>
<p>This move aims to enhance financial stability by diversifying funding sources for SK On while fostering closer relationships with customers through reliable battery cell supply and strategic partnerships.</p>
<p>In April this year, Hyundai Motor Group <a href="https://www.mercomindia.com/hyundai-motor-for-ev-battery-plant-in-us" target="_blank" rel="noopener">said</a> it would form a 50:50 joint venture with SK On to invest $5 billion in an electric vehicle battery cell production facility in the United States. The manufacturing facility is expected to produce 35 GWh of EV battery cells annually by 2025, sufficient to support the production of 300,000 all-electric vehicles.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-q1-2023" target="_blank" rel="noopener">reached</a> 349,676 units in the first quarter of 2023, a year-over-year increase of 81% compared to 192,565 units sold in the same period last year.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
<br />
<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Battery Tech Firm SK On Secures $944 Million Investment for Global Expansion

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