PwC’s Corporate Finance team acts as lead financial adviser to KKR on its landmark $750m investment in Zenobē Energy to accelerate global transport decarbonisation and provide essential grid services

PwC’s UK Corporate Finance team is pleased to announce that it acted as lead financial advisor to KKR, a leading global investment firm, on their landmark $750m investment in Zenobē Energy, a market leading provider of transport electrification and battery storage solutions.

As part of the transaction, KKR and Zenobē’s current majority shareholder, Infracapital, will become joint majority shareholders in a strategic partnership, with Infracapital set to reinvest into the business. The transaction is subject to customary closing conditions and regulatory approvals.

Founded in 2017 and headquartered in London, Zenobē is a global player in electrification solutions for fleets and battery storage solutions for grid network infrastructure, with leading positions in the UK, Australia and New Zealand, and a growing presence in continental Europe. Today, Zenobē is one of the leading fleet electrification platforms in the world, helping bus and increasingly HGV operating companies to decarbonise their fleets and meet emission-reduction objectives.

PwC’s UK Corporate Finance team has a long-standing relationship with Zenobē, having previously advised Zenobē on its £150m equity raise from Infracapital in 2021. The team also advised Zenobē on earlier capital raises including the £25m equity raise from minority shareholder JERA Co. Inc. / TEPCO Power Grid Inc. in 2019 and the £25m debt raise with Santander in 2019.

This landmark transaction highlights PwC’s position as one of the leading financial advisors across the energy transition sector with the team also recently advising DIF Capital Partners on its £200m investment into Field Energy as well as advising Hanwha Energy on the sale of a 200MW operational battery storage portfolio in the Republic of Ireland.