British energy storage firm Zenobe Energy has raised $1 billion in capital to fund its expansion plans in North America and Australia.
Bloomberg reports Zenobe landed $750 million from KKR and an additional $340 million from M&G Plc’s Infracapital arm, and plans to use the money on a variety of projects, ranging from transport electrification to battery storage.
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“We’re looking at fleet electrification opportunities and opportunities for grid-scale batteries across the world,” Zenobe co-founder Nicholas Beatty said.
“KKR is very well linked into all sorts of people in North America that we could only dream of assisting us to expand our business there.”
KKR partner Alberto Signori said the firm was looking to support regional champions like Zenobe as they scale up globally, with the investment being the first from KKR’s new energy transition-focused strategy.
“Our role as investors in our climate-related strategy is to be an active player who can help corporates and governments in the transition of our economies from brown to green,” Signori said.
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“It could be a broad range from renewables to decarbonisation of transport and other climate-related themes.”
KKR reportedly plans to invest in renewables, energy storage and waste-to-energy projects, while also committing capital to new areas like transport solutions, energy efficiency and management systems.