KKR & Co. plans to invest $750 million in UK energy storage company Zenobe Energy Ltd., marking a first step in the US private equity giant’s global climate strategy.
Started in 2017, Zenobe runs grid-scale batteries and provides charging and battery infrastructure for electric vehicle fleets. The parties are discussing a potential valuation of $900 million for the London-based company before the injection of any new money is taken into account, according to people familiar with the matter.
Zenobe’s planned growth comes as the power grid becomes a bigger political issue in the UK, where power producers and even housing developments are struggling to secure electricity connections. The government is examining major recommendations to ease the bottlenecks in a landmark report on grid infrastructure issued in August.
Batteries are key to ensuring renewable power from generators such as wind turbines isn’t wasted. They can absorb cheap electricity at times when the grid is over-supplied and unleash it when demand and prices are higher.Zenobe said last year that it plans to invest £750 million in a trio of large battery projects in Scotland to help integrate excess wind power into the grid.
Last month, KKR hired Charlie Gailliot from Goldman Sachs Group Inc. to lead the company’s global climate strategy alongside Emmanuel Lagarrigue and Neil Arora. It plans to focus on investing in companies driving the energy transition.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Lithium Giant Albemarle Nears $4.3 Billion Liontown Takeover(Bloomberg) -- Australian lithium miner Liontown Resources Ltd. said it is willing to back a new A$6.6 billion ($4.3 billion) takeover offer from Albemarle Corp., the world’s top producer of the battery metal.Most Read from BloombergDiamond Prices Are in Free Fall in One Key Corner of the MarketMercedes Bets on Range Boost in Swipe at Tesla’s EV LeadershipBurning Man Death Under Probe With Thousands Still StrandedZelenskiy Says He’s Removing Ukraine Defense Chief in RevampTesla’s $41,000 Model X
Lire la suite »
Munich car show shines spotlight on China competition in EV raceEuropean carmakers must prove their ability to compete with new Asian players in the electric age on everything from product and financial strategy to controlling the supply chain, industry analysts and executives said at Munich's IAA mobility show. About 41% of exhibitors at this year's event are headquartered in Asia, with the number of Chinese companies having more than doubled, including players across batteries and EV production such as BYD, CATL and XPeng. 'Europe needs to stop being naive from a macroeconomic point of view in the face of China,' Gilles Le Borgne, Renault's engineering head, told journalists on Sunday, pointing to the country's control of the full battery supply chain.
Lire la suite »
LSE Group draws up plans for blockchain-based digital assets businessThe company had been examining the potential for a blockchain-powered trading venue for around a year and reached an 'inflection point' where it decided to take plans forward, Murray Roos, head of capital markets at the LSE Group, told FT in an interview. Blockchain is a digital ledger which records and verifies transactions.
Lire la suite »
Meloni’s Allies Clash Over Plans to Sell Italy’s Monte PaschiItaly’s governing coalition is fighting over plans to sell state-owned assets, including the world’s oldest bank, to bolster finances stung by a souring economic outlook.
Lire la suite »
Biden ‘Disappointed’ If Xi Plans to Skip G-20 Summit in IndiaUS President Joe Biden said he was disappointed about reports his Chinese counterpart, Xi Jinping, plans to skip the G-20 summit in New Delhi this week.
Lire la suite »