February 22, 2024
Business Sustainability

Mubadala and Infracapital spearhead investment in Zenobē

Zenobē specialises in EV fleet solutions and battery storage

Mubadala Investment Company (Mubadala), the Abu Dhabi sovereign investor, has strategically invested in Zenobē, a London-based leader in fleet electrification and battery storage solutions.

This move, in collaboration with Infracapital, M&G’s infrastructure equity investment arm of M&G, solidifies Mubadala’s commitment to sustainable and innovative investments. Infracapital, supported by Mubadala, is injecting an additional £270 million into Zenobē to fuel its expansion in the UK and globally.

KKR, a leading global investment firm, is committing approximately £600 million to join this strategic investment.

4,000 buses goal

Together, Infracapital and KKR will become joint majority shareholders in Zenobē, aiming to power 4,000 electric buses, trucks, and commercial vehicles by 2026, driving the global transition to cleaner transportation.

This transaction marks a significant milestone for Zenobē and underlines Mubadala’s commitment to positive change and a sustainable future.

Zenobē is the leading owner and operator of battery storage in the UK. Image: Zenobē

Zenobē, founded in 2017, specialises in electric vehicle (EV) fleet solutions and battery storage. The company is the leading owner and operator of battery storage in the UK and supports the national grid with the uptake of renewable power.

The company also works with 90% of the major bus companies in the UK, powering 25% of the UK e-bus market.

The EV fleet business offers comprehensive support to fleet operators transitioning to electric vehicles, encompassing batteries, charging infrastructure, and integrated software.

Simultaneously, the battery storage division develops large-scale batteries crucial for stabilising transmission grids, especially as renewable energy integration into the grids intensifies.

Stellar growth

Since Infracapital’s initial investment in the company in 2020, the company has demonstrated remarkable growth, supporting over 1,000 electric vehicles globally and boasting 430MW of battery storage in operation or under construction.

With a strong presence in the UK, Australia, and New Zealand, the company’s portfolio is expanding in continental Europe and North America.

Khaled Al Qubaisi, CEO of Real Estate & Infrastructure Investments at Mubadala, said: “Mubadala is investing in industries of the future to help find solutions to the world’s biggest challenges, including climate change.”

He expressed pride in the partnership with Infracapital and investment in Zenobē, highlighting the company’s innovative and sustainable solutions as key to addressing global trends in sustainable power and transport decarbonisation.

Featured image: Zenobē powers 25% of the UK e-bus market. Image: Zenobē

    Arnold Pinto

    Arnold Pinto

    Arnold Pinto is an award-winning journalist with wide-ranging Middle East and Asia experience in the tech, space, aerospace, aviation, defence, luxury watchmaking, business, fashion, and automotive verticals. He is passionate about conserving endangered native wildlife globally and protecting the world’s oceans from plastic pollution, overfishing, and climate change. Arnold enjoys 4x4 off-roading, camping and exploring global destinations off the beaten track.
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