London battery specialist set to start work on 'Europe's biggest battery' to power 100k homes
A London battery storage specialist has announced that it has secured additional investment as it aims to create ‘Europe’s biggest battery’.
Zenobe, which is an owner and operator of battery storage, has received increased support from Santander UK, taking its non-recourse debt facility to more than £60m.
The funding, which follows £150m of equity raised from Infracapital, will be used for the construction on Europe’s biggest battery, which is set to supply enough electricity for 100,000 homes for an hour.
Nicholas Beatty, co-founder and director at Zenobe, commented: “The expansion of our Santander UK facility to over £60m demonstrates Zenobe’s continuing leadership in the sector with its focus on innovation within the technology, operational and financing sides of the business.
“The additional debt raised and committed will be crucial in allowing us to roll out this project and our future pipeline of battery energy storage projects across the UK.”
Mark Cumbo, director of specialised and project finance at Santander UK, said: “We are delighted to support Zenobe with this landmark transaction and to have further cemented our relationship with this exciting company.
“It’s a pleasure to work with established and ambitious management teams like that of Zenobe, to deliver complex funding solutions and unlock growth opportunities.
“With the combination of equity and Santander debt, Zenobe can continue to grow the business and deliver on its strategy in the developing battery storage sector.”
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