Investors including KKR & Co. are providing more than $1 billion of fresh capital to Zenobe Energy Ltd. as the British battery storage and vehicle electrification company looks to expand in North America and Australia.
London-based Zenobe landed $750 million from KKR and an additional $340 million from M&G Plc’s Infracapital arm, which is an existing investor, the firm said in a statement Thursday. It plans to use the money on projects from electrifying yellow school buses in the US to building batteries in Scotland to ensure wind power doesn’t go to waste.
Alberto Signori, an infrastructure partner at KKR, said the firm is looking to support regional champions like Zenobe as they scale up globally. The investment is the first from KKR’s new strategy focused on the energy transition. As part of its climate strategy, KKR will look to invest in renewable power, energy storage and waste-to-energy, while also committing capital to new areas like transport solutions as well as energy efficiency and management systems, Signori said. It also plans to help accelerate the transition of higher-emitting assets, like traditional utilities and industrial infrastructure, he said.
The company also is studying network infrastructure opportunities in Texas, where there’s a more insular and manageable grid system, Beatty said. It’s also looking at the northeastern US, where UK-based National Grid Plc runs some of the transmission system.
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