Private equity giant KKR is set to acquire a reported 45% stake in Zenobe, the UK battery storage company, for $750 million.
The transaction will make KKR joint largest shareholder alongside Infracapital, the owner of the Red Funnel ferry line which serves the Isle of Wight of England's south coast.
Zenobe, chaired by Steve Holliday, former CEO of the UK's National Grid, specialises in electric vehicle (EV) fleet and battery storage.
The company holds a substantial market share in the UK's emerging electric bus sector and counts major bus operators National Express and Stagecoach among its clientele.
Founded in 2017, Zenobe has raised about $1.1 billion in debt and equity funding and also repurposes EV batteries to provide power solutions to various industries.