Infracapital invests in Tiger Infrastructure’s Zenobe

Infracapital, the infrastructure equity investment arm of M&G, has allocated £150 million ($198 million) to Zenobe Energy, a UK-based battery storage operator and provider of infrastructure services to electric vehicle operators. Zenobe is backed by Tiger Infrastructure Partners, a private equity firm that invests in middle market infrastructure companies. Tiger Infrastructure was one of the company’s first institutional investors in 2017 after Zenobe had built its first operational and construction-ready grid-scale battery sites. Last year, Zenobe added JERA Storage, a subsidiary of Japanese power utilities JERA and Tepco, as a minority shareholder in the company. Following Infracapital’s infusion of capital, Tiger Infrastructure and JERA Storage will both remain significant shareholders of Zenobe, according to a press statement. "Three years ago we supported the vision of Zenobe's founders to build a large-scale battery energy storage platform from a small portfolio of initial assets,” said Emil Henry, CEO of Tiger Infrastructure. “With Infracapital's investment, the Zenobe team has secured the funding for the next phase of growth in the energy storage and electric vehicle fleet sectors. We applaud the Zenobe team on achieving this milestone, and we are pleased to welcome Infracapital as a new partner to Zenobe's innovative and market-leading platform." Infracapital's funding will support the further growth of Zenobe's grid-scale battery services and electric vehicle and charging infrastructure services, ultimately helping the transport and energy sectors to meet greenhouse gas emission targets and improve air quality across the U.K. The funding will also support the company's international expansion. Combined with debt facilities, the company estimates that this will enable it to deploy approximately £450 million in these sectors, further accelerating the utilization of batteries to support the transition to renewable power generation and the electrification of vehicle fleets in the U.K. and other countries. Over the last three years, Zenobe has quickly become one of the largest independent owners and operators of battery storage and related services in the U.K., according to officials. With approximately 170MW of contracted battery storage assets, its own proprietary software and a large portfolio of projects in the pipeline, Zenobe has captured approximately a 20% market share of the electric bus sector. "Infracapital's investment establishes Zenobe as one of the market leaders and provides the company with the resources to continue to pursue a deep pipeline of opportunities in the battery and electric vehicle related infrastructure sectors," said Steve Holliday, Zenobe’s Chairman and former CEO of National Grid Plc.

Infracapital invests in Tiger Infrastructure’s Zenobe

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