Infracapital has made a £150m (€164m) investment in UK battery storage firm Zenobe.

The infrastructure equity investment arm of M&G said it has made the capital commitment to support Zenobe expand its grid-scale battery services and electric vehicle and charging infrastructure services.

Zenobe offers an end-to-end, one-stop service to develop, finance, install and operate electric vehicle (EV) charging infrastructure at bus depots, as well as the provision of electric vehicle bus batteries and chassis. The company has over 170MW of contracted grid-scale batteries.

Infracapital is making the investment is being made through its greenfield strategy, a strategy which seeks to build, deliver and operate essential and sustainable greenfield infrastructure across Europe.

Andy Matthews, head of greenfield at Infracapital, said: “This investment is indicative of the significant opportunity to build, deliver and operate essential greenfield infrastructure across Europe, where we see considerable scope to deploy further funds in the coming months and years, creating long-term value for our investors.”

Nicholas Beatty, founder-director at Zenobe, said: “With our focus on innovation and provision of solutions to customers that combine our technology, operational and financing capabilities, this investment will be crucial in allowing us to achieve our growth ambitions in the UK and abroad.

“By driving the adoption of batteries across the transport, infrastructure and utility sectors, we will help accelerate the uptake of renewable energy, ultimately enabling the transition to a green energy system, both in the UK and internationally.”

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