As per a recent development in UK’s energy sector, Zenobe Energy, a UK-based energy storage company, has reportedly attained an investment of £25 million from Japanese energy behemoths Jera and Tokyo Electric Power Company or Tepco.
According to credible reports, this equity infusion is not just one of the biggest direct investments in a UK based power storage firm but also demonstrates yet another gig from a Japanese energy utility into UK’s power scenario.
For the uninitiated, Zenobe was originally known as Battery Energy Storage Solutions Ltd before it was rebranded last year. Zenobe stated that equity infusion would enable the company to accelerate its battery storage rollout along with empowering it to expand in new markets.
Satoshi Yajima, Senior Vice President of overseas business at Jera, stated that the company is rather delighted to be linked with Zenobe’s reputation and capabilities and looks forward to a pleasant strategic alliance with Zenobe not only in the UK, but also in Asia, Japan, and beyond.
Market analysts claim that the investment has pushed Zenobe to the forefront of the UK’s energy storage sector. The company currently owns about 73MW of active storage assets and claimed an industry debut in the last summer when it provided over 50MW of reserve energy through the Ancillary Services Dispatch Platform.
Nicholas Beatty, the Co-founder of Zenobe, stated that the company believed Tepco and Jera to be one of the two most substantial strategic investors in the energy sector.
Beatty also said that they bring exclusive technical and commercial abilities to Zenobe in addition to unparalleled access to a worldwide supply chain. This investment strengthens Zenobe’s standing as a trendsetter in the energy industry, he added. Together, we will help power intensive companies in using energy intelligently to decrease costs, minimize environmental impact, and enhance resilience, Beatty elaborated.
According to sources, the £25 Mn investment adds to the £45.5 Mn equity already invested in Zenobe over the past eighteen months and another £30 Mn senior debt facilities offered by Santander & Generation IM.