UK battery storage firm Zenobe has secured £25 million in funding to target behind-the-meter services and construction of new utility-scale projects.
The firm already has 73MW of operational utility-scale battery capacity, with the new funding following £35 million from Japanese power giants JERA and TEPCO earlier this year.
The £25 million is a non-recourse debt facility from Santander Corporate & Commercial. The capital raised from the debt facility will allow Zenobe to invest in behind-the-meter services offered to commercial and industrial customers to improve the resilience of their power supply and reduce their energy costs, Zenobe said.
It will also go towards financing the construction and/or purchase of new utility-scale battery storage projects.
Alongside providing stationary storage, Zenobe has also this year launched an end-to-end electric vehicle (EV) solution for bus fleets that include financing the bus batteries, charging infrastructure and on-site stationary storage if required.
The funding from Santander will also go towards Zenobe’s EV services.
Nicholas Beatty, founder director at Zenobe, said the funding demonstrates Zenobe’s “continuing leadership” with its focus on “innovation within the technology, operational and financing sides of the business”.
PwC’s Debt and Capital Advisory and Corporate Finance teams advised on the debt raise, which is being lauded as “ground-breaking”, with Zenobe “one of the UK’s first battery storage companies” to successfully raise debt financing for projects that trade predominantly on a merchant basis.