British battery player taps TEPCO for cash boost

UK energy storage operator Zenobe has secured £25m from Japanese energy giants Tokyo Electric Power Company (TEPCO) and Jera.

The investment, which also includes an option for a further £10m, is one of the largest direct equity injections into a UK energy storage company.

Zenobe is an independent owner/operator of battery storage with 73MW of operational assets in the UK.

Projects and investments by the company include operating assets providing fast reserve services to the transmission system operator, National Grid.

In January 2019, Zenobe provided charging infrastructure for supporting the rollout of electric buses across the UK.

The new capital will help the company expand its offering to commercial electric vehicle fleet owners and operators.

The £25m comes on top of £45.5m of equity already invested into Zenobe in the last 18 months as well as over £30m of non-recourse senior debt facilities secured from Santander and Generation IM.

Co-founder Nicholas Beatty said: “We consider JERA and TEPCO Power Grid to be two of the most significant strategic investors in the power sector.

“They bring unique commercial and technical capabilities to Zenobe as well as unrivalled access to a global supply chain.”

“We consider JERA and TEPCO Power Grid to be two of the most significant strategic investors in the power sector. They bring unique commercial and technical capabilities to Zenobe as well as unrivalled access to a global supply chain.”

Nicholas Beatty, Co-Founder Zenobé