Pantheon Infrastructure to invest £35 million in electric vehicle fleet specialist Zenobe

LONDON, UK: Pantheon Infrastructure PLC has committed to invest approximately £35 million in battery storage and electric vehicle fleet specialist Zenobe, through a co-investment vehicle managed by Infracapital, a leading European infrastructure investor that has raised and managed over £7bn in assets.

Zenobe provides essential infrastructure that contributes to international power and transport sector decarbonisation targets. In addition to providing electrification solutions for vehicle fleet owners, its batteries help balance the supply of renewable energy on the grid.

At the end of their lifecycle Zenobe repurposes the batteries for further use, thus contributing to the building of a circular economy. Since the company was founded in 2017, it has delivered 435MW of grid-connected battery capacity, and has provided bus operators with c.1,000 electric vehicles under a leasing structure.

The company has fast-growing operations in the UK, Australia, New Zealand and Benelux, with its international headquarters in London. In the UK, Zenobe is a leading owner and operator of battery storage, supporting National Grid with the uptake of renewable power and working with the major bus companies to power the UK e-bus market.

Richard Sem, Partner at Pantheon, PINT’s investment manager, commented: “We are thrilled to announce this latest transaction in a highly attractive sub-sector, which brings more diversification to PINT’s portfolio. Renewables and energy efficiency assets continue to benefit from strong tailwinds, especially given the need to transition to net zero.

We are delighted to partner with a high-quality sponsor on this transaction and look forward to working with Infracapital to deliver returns for our investors from this asset going forward.”