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Zenobē secures £25 million in funding from Santander

Zenobē Energy, one of the UK’s largest independent owners and operators of battery storage,  has secured a non-recourse £25m debt facility from Santander Corporate & Commercial, to support the continued growth of the company. This follows the successful £35m of equity raised from JERA Co. Inc. and TEPCO Power Grid Inc. earlier this year.

Zenobē is a UK market leader in battery storage, with 73MW of operational grid-scale battery capacity. The company focusses on the innovative use of storage, investing in bespoke software to optimise the monitoring, utilisation and dispatch of its batteries.  It was the first battery owner to develop software to enter the Fast Response market and is applying the expertise gained through its grid-scale battery operations to provide services to transportation and power-intensive industries turning their clean energy ambitions into a reality, while reducing costs, increasing flexibility and improving the resilience of their power supply.

The capital raised from the debt facility will allow Zenobē to invest in:

  • The behind the meter services offered to Commercial and Industrial customers to improve the resilience of their power supply and reduce energy cost.
  • Financing the construction and/or purchase of new grid scale battery storage projects.
  • Providing Zenobē’s services to the fleet vehicle sector including the design, ownership, operation and financing of batteries and charging infrastructure with associated software as a service as well as financing the battery on the bus and providing this as a service to operators.

Zenobē’s innovative solution to the bus sector is enabling the faster take up of EV buses in the UK, helping to meet the legally binding climate change targets and improve air quality across the country. It also works alongside the government’s Ultra-Low Emission Bus (ULEB) grant offering for transport operators, making the available grant finance go further.

Advised by PwC’s Debt and Capital Advisory and Corporate Finance teams, the debt raise is ground-breaking in the battery storage market. Zenobē is one of the UK’s first battery storage companies to successfully raise debt financing for projects that trade on a predominantly merchant basis, rather than longer term contracted income. Zenobē were advised by Burges Salmon (legal) Cornwall Insight (market) and Wood (technical). Tim Boothman (financial) and Sophie Barr (legal) at Zenobē managed the transaction. Santander was also advised by TLT (legal), RSM (financial model) and Aon (insurance).

Nicholas Beatty, Founder Director, Zenobē Energy, said:

“This £25m facility from Santander Corporate and Commercial demonstrates Zenobe’s continuing leadership in the sector with its focus on innovation within the technology, operational and financing sides of the business. The debt raised will be crucial in allowing us to achieve our growth ambitions for our IFM, Commercial and Industrial and fast developing EV fleet businesses.”

Mark Cumbo, Director, Specialised & Project Finance, Santander Corporate & Commercial, said:

“Santander is delighted to have closed this landmark transaction and further cemented our relationship with Zenobē.  This transaction demonstrates our ability to work with established and ambitious management teams like that of Zenobē, to deliver complex funding solutions and unlock growth opportunities. With the combination of both equity and Santander debt, Zenobē and its highly experienced management team, are able to continue to grow the business and deliver on their strategy in this developing sector.”

David Godbee, Partner, PwC Debt & Capital Advisory, said:

“We are very pleased to have been able to support Zenobē Energy in completing this transaction. This deal allowed us and Zenobē to push the boundaries of the debt market and sets a new precedent for financing predominantly merchant battery storage projects.”

Notes to editors

For further information, please contact:

Eryl Bradley (0203 696 5800 / Zenobe@standagency.com)

About Zenobe Energy Ltd. (Zenobē)

Zenobē Energy is one of the largest independent owners and operators of battery storage in the UK with 73 MW of operational assets and a large portfolio of projects in our pipeline. We provide intelligent flexible power solutions to commercial EV fleet operators, utilities and industrial and commercial businesses. Our battery storage services help clients manage power more effectively so they can lower costs, improve resilience and reduce their environmental impact.

For Santander UK:

Lara Lipsey (020 7756 4518 / lara.lipsey@santander.co.uk)

About Santander UK

Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. It has brought real competition to the UK, through its innovative products for retail customers and relationship banking model for UK SMEs. At 30 June 2019, the bank has around 24,000 employees.  It serves around 15 million active customers, via a nationwide branch network, telephone, mobile and online banking; and 62 regional Corporate Business Centres. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers’ eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) in the UK.

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Peter Smith

Head of Product

Pete leads Zenobē’s growing team of Product specialists across all areas of the business. His team oversee our R&D as well as product development in both hardware and software.


He has been working in the European E-Mobility sector from over ten years, specialising in the design, build and delivery of software systems for EV Charging.