London-based battery storage company Zenobe Energy has secured a £25 million investment from two Japanese power giants.
Chaired by the former boss of National Grid, Steve Holliday, the company says the investment from TEPCO Power Grid and JERA will help expand its battery offering to commercial electric vehicle (EV) operators in the UK as well as into new markets.
Zenobe has around 73MW of operational assets and provides intelligent flexible power solutions to utilities, EV operators and industrial and commercial businesses.
It claimed an industry first last year when it delivered the hardware and software capabilities to provide Fast Reserve services to National Grid, delivering more than 50MW of reserve power in less than 12 seconds.
The company also helped with the rollout of electric buses across the UK this January, providing flexible power solutions for charging in depots.
The latest investment comes on top of £45.5 million of equity invested into Zenobe over the last 18 months.
Nicholas Beatty, a Co-founder of Zenobe, said: “We consider JERA and TEPCO PG to be two of the most significant strategic investors in the power sector. They bring unique commercial and technical capabilities to Zenobe as well as unrivalled access to a global supply chain.
“This investment reinforces Zenobe’s reputation as an innovator in the energy market. Together, we’ll help energy intensive businesses use power intelligently to reduce costs, improve resilience and minimise environmental impact.”