New York investment firm KKR is set to become a joint majority shareholder in Zenobe, a prominent battery-storage company in the UK. The investment of approximately $750 million will enable Zenobe to meet the rising demand for electric-vehicle adoption among bus operators and commercial fleet businesses. Additionally, it will support the expansion of Zenobe’s grid-scale battery-storage capacity.
KKR will join forces with Infracapital, the infrastructure equity investment arm of M&G PLC and current majority owner of Zenobe. Infracapital has also committed to making further investments in the company. Tiger Infrastructure Partners, an early investor in Zenobe, will be selling its stake to KKR and Infracapital as part of the deal.
This investment marks KKR’s initial venture into the global climate strategy as part of its $54 billion global infrastructure business. The strategy focuses on investments that facilitate the transition to a low-carbon economy.
Zenobe already has 430 megawatts of battery storage either in operation or under construction. Furthermore, it is actively developing an additional 1.2 gigawatts of projects. In addition to its expertise in battery storage, Zenobe also owns and operates electric buses in the UK, Australia, and New Zealand.