TIGER INFRASTRUCTURE PARTNERS EXITING ZENOBĒ, WHICH IT HELPED SCALE TO LEADERSHIP IN BATTERY STORAGE AND ELECTRIC VEHICLE FLEETS, VIA KKR-LED CAPITAL RAISE
- Successful exit from investment
- Strategic partnership formed with KKR and Infracapital
- Investment of GBP 600 million and GBP 270 million
- None.
KKR and Infracapital have formed a strategic partnership to support the growth of the company and will invest approximately
Founded in 2017 by Nicholas Beatty, James Basden and Steven Meersman, Zenobē is a global player in electrification solutions for fleets and battery storage solutions for grid network infrastructure, with market leading positions in the
Tiger later brought in additional sophisticated institutional investors including Infracapital and JERA Co. Inc., a leading Japanese utility. By supporting the development of a blue-chip investor base and the creation of an infrastructure business model supported by Zenobē's assets and long-term contracts, Tiger helped position the company to also attract over
Tiger CEO Emil W. Henry, Jr. stated: "This major investment in the next stage of Zenobē's growth, by one of the leading names in infrastructure private equity, culminates a journey of first-mover leadership by the company's founders and Tiger. Zenobē's visionary management catapulted the company to the forefront of the energy transition worldwide by creating the first global, grid-scale battery energy storage company, and first to provide a full EV fleet solution."
Continued Henry, "Tiger's thesis-driven strategy gave us early-look insights into tailwinds driving the need for then-nascent battery storage as a critical element of decarbonization. We were privileged to help this superior management catalyze Zenobē's growth by applying timely expansion capital and hands-on strategic and operating expertise while leveraging our unique transatlantic footprint to facilitate Zenobē's entry into the US market as energy storage and fleet electrification takes off."
Nicholas Beatty, Co-Founder and Director, Zenobē said, "With the committed support of our initial investors, Zenobē has evolved from a start-up idea of its founders to a highly valued innovator in the new core energy infrastructure. Tiger's early belief in the Zenobē founders' vision provided the critical first institutional capital and expertise to help grow those ideas into the Company's global leadership in grid-scale battery storage and fleet electrification. That has enabled the business to accelerate the electrification of bus and now commercial vehicle fleets in partnership with leading operators and support the connection of further battery storage assets to deploy more renewable energy in the
Added Beatty, "Now, we will partner with, and benefit from, an extensive new round of investments from KKR and Infracapital to capitalize on the ever-increasing demand for our services. In this next phase of development for Zenobē and the industry, we'll seize on the competitive advantage of the technology we have developed internally and with our suppliers as well as the synergies between our battery storage and fleet electrification businesses and our presence in multiple fast-growth markets as we expand beyond the
Since Tiger's initial investment, Zenobē's battery storage capacity has grown from 14MW to 430MW in operation or under construction today with another 1.2GW of projects in advanced development in the
About Zenobē
Zenobē is an EV fleet and grid-scale battery storage specialist, headquartered in the UK. The company began operations in 2017 with three founders and has over the past 6 years increased its staff to >230 FTEs with a wide range of leading skills including electrical engineering, software development, computer sciences and financing. It now operates in
Zenobē's services are supported by market leading financing capability. This has included completing and drawing down against the Fleet private placement in February 2022 which raised over
About Tiger Infrastructure Partners
Tiger Infrastructure Partners is an innovative private equity firm focused on providing transformational growth capital to middle market infrastructure companies. Tiger's value-add approach targets growth investments across the Digital Infrastructure, Energy Transition and Transportation sectors in
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com and on X (formerly Twitter) @KKR_Co.
About Infracapital
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. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 60 companies around
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SOURCE Tiger Infrastructure Partners