Zenobē Secures £870 Million for Global EV Fleet and Battery Storage Expansion

By 2026, the company aims to have 4,000 electric buses, trucks, and commercial vehicles


Zenobē, a global fleet electrification and battery storage solutions company, has secured approximately £600 million (~$643.9 million) in funding from KKR, an international investment firm. The company also received an additional infusion of around £270 million (~$289 million) in equity, which has been contributed by Infracapital, an existing shareholder.

Pending the fulfillment of standard closing requirements and regulatory authorizations, KKR and Infracapital are set to become co-majority stakeholders in Zenobē.

Meanwhile, Jera and TEPCO Power Grid will continue to hold their positions as minority strategic investors.

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.

The equity investment is expected to bolster Zenobē’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.

Zenobē also offers Electric Transport-as-a-Service (ETaaS), a comprehensive solution that includes battery replacement, charging infrastructure, and energy optimization software.

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’s efficient use.

Zenobē operates approximately 430 MW of contracted grid-scale battery storage in the UK, including the 100 MW battery storage asset in Capenhurst, Cheshire.

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’s goal of commissioning approximately 1.2 GW of storage in the UK by 2026.

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.

In February this year, Zenobe Energy secured 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).

According to Mercom Capital Group’s 1H and Q2 2023 Funding and M&A Report Storage and Grid Report, in the first half of 2023, corporate funding for energy storage companies reached an impressive $7.1 billion across 59 deals.