Zenobe EV funding

Project description

Japanese power companies JERA Co., Inc. (JERA) and TEPCO Power Grid, Inc. (TEPCO PG) invested up to £25 million in UK battery storage firm, Zenobe Energy Ltd (Zenobe Energy).

Zenobe Energy is the first company to provide a full EV fleet solution for operators wanting to change from fossil fuel to electric emission free vehicles.

Further funding rounds have enabled Zenobe Energy to support customers with at least 500 MWhr of additional grid connected batteries, and up to a further 1,000 electric buses or vehicles and associated infrastructure software systems over the next 18 to 24 months.

Scope of work

We advised on all aspects of legal due diligence, contract negotiation and the joint venture agreement, as well as assisting with aspects of the establishment of a new SPV through which the investment into Zenobe Energy will be made.

What makes the project unique: The investment is one of the largest direct investments from Japan into the UK battery storage sector and is a strategic investment by JERA and TEPCO PG to leverage their cumulative experience as power producers, distribution and transmission system operators.

It is a critical pathfinder investment for both companies who are looking to expand their portfolio into alternative energy sources and solutions.

Meet the Team

The team was led by the Tokyo office, with assistance from the London office.