Cornwall Insight supports Zenobē Energy on a £150mn equity capital raise

Cornwall Insight, an energy consultancy, research, and analytics company, is pleased to announce its role in providing support Zenobē Energy secure a £150mn equity capital raise from Infracapital. The deal was announced on 13 November 2020, and the funding will be used to support the growth of Zenobē Energy’s grid-scale battery services and electric vehicle and charging infrastructure services.

Cornwall Insight provided comprehensive support on commercial, policy and regulatory analysis for Zenobē Energy’s storage portfolio. Using its practical experience, knowledge of market developments, route to market and detailed modelling analysis to assess revenue streams.

Zenobē Energy is one of the largest independent owners and operators of battery storage with ~170MW of contracted storage assets, around 20% market share of the EV bus sector. Zenobē Energy provides intelligent, flexible power solutions to commercial EV fleet operators, utilities, and industrial and commercial businesses. The funding by Infracapital’s will support Zenobē Energy to install around £450 million in grid-scale battery services and electric vehicle and charging infrastructure services.

Infracapital invests in, builds, and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. Infracapital is part of M&G Plc, a leading European savings, and investments business.

Tom Palmer, Managing Consultant at Cornwall Insight, said: 

“We are delighted to have played an important role in supporting this successful equity capital raise by Zenobē Energy. Cornwall Insight’s involvement in the process saw it utilise its market-leading understanding of the flexibility and battery storage modelling and understand of the wider policy and regulatory knowledge.

“This deal highlights the opportunity in the sector for EV and battery storage sector, and this investment will no doubt play a significant role in the pursuit of the UK’s low-carbon goals. We are very pleased that this investment been successful in these innovative assets and that we were able to use our consultancy and analytical capabilities to support this positive outcome.”

Tim Boothman Director, Corporate Finance Zenobē Energy, said:

“Cornwall Insight’s deep knowledge of the energy storage markets and ability to explain this clearly to investors played an important role in our raising of capital. We look forward to working with the team again”

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