Private equity firm KKR to acquire joint share of Zenobē. Image: Zenobe.

KKR has agreed a deal with battery storage developer Zenobē to acquire a joint control stake in the company, according to reports.

The deal will see KKR invest US$750 million in Zenobē while existing shareholder Infracapital will invest a further US$339 million (£270 million), according to Bloomberg, totalling US$1.089 billion of investment.

A separate report by Sky said that KKR will buy a roughly 45% stake in Zenobē making it the largest shareholder in the company alongside Infracapital and valuing the grid-scale storage and EV specialist at around £800 million (US$1 billion), however our source said this was inaccurate.

Alongside developing grid-scale battery energy storage system (BESS) projects in the UK, Zenobē also provides fleet electrification solutions and second life repurposing of EV batteries into BESS.

Recent notable grid-scale BESS the company is working on include a 300MW/600MWh unit in Blackhillock, Scotland, which started construction earlier this year with commercial operation schedule for mid-2024. That is part of a portfolio of four sites in Scotland totalling 1050MW/2100MWh of energy storage.

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