KKR To Invest $750 Mln In London-based Zenobe
(RTTNews) - Global investment firm KKR & Co. Inc. (KKR) announced Thursday it is investing approximately $750 million to scale London-based Zenobe, a market leader in transport electrification and battery storage solutions, to accelerate the global decarbonization of diesel fleets and provide grid services that are critical for the decarbonization of the energy sector.
Infracapital, the infrastructure equity investment arm of M&G Plc and current majority shareholder, will invest further alongside KKR and the management team, with KKR and Infracapital becoming joint majority shareholders. The transaction is subject to customary closing conditions and regulatory approvals.
KKR's investment in Zenobe is the first to be made through the firm's global climate strategy, which is part of KKR's $54 billion global Infrastructure business and dedicated to investing in solutions at scale to support the transition to a low-carbon economy.
KKR plans to work with Zenobe to meet the growing demand for EV adoption from bus operators and other commercial fleet businesses globally. KKR also expects to help Zenobe expand its grid-scale battery storage capacity through the construction and expansion of new and existing sites.
The investment will help Zenobe to build on its leadership positions in the UK, Australia and New Zealand, while continuing to grow across continental Europe, and also expand into North America.
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