Dubai, UAE — Mubadala Investment Company, the sovereign investor of Abu Dhabi, has announced a significant investment in Zenobē, a fleet electrification and battery storage firm.
This strategic move, executed in collaboration with Infracapital, the infrastructure equity investment arm of MG Plc, is aimed at reinforces Mubadala’s commitment to sustainable future initiatives.
With Mubadala’s backing, Infracapital is injecting an additional £270 million into Zenobē to fuel its global expansion, particularly in the UK. KKR, a leading global investment firm, is also contributing approximately £600 million, forming a strategic partnership with Infracapital as joint majority shareholders in Zenobē.
The collective investment aims to power 4,000 electric buses, trucks, and commercial vehicles, contributing to the global transition to cleaner transportation by 2026.
London-based Zenobē, established in 2017, specializes in electric vehicle (EV) fleet solutions and large-scale battery storage. The EV fleet business provides comprehensive support to fleet operators transitioning to electric vehicles, offering solutions such as batteries, charging infrastructure, and integrated software.
Simultaneously, the battery storage business focuses on developing large-scale batteries crucial for stabilizing transmission grids amid the integration of renewable energy resources.
Since Infracapital’s initial investment in 2020, Zenobē has witnessed remarkable growth, supporting over 1,000 electric vehicles globally and managing 430MW of battery storage, the companies said. The company has a strong presence in the UK, Australia, New Zealand, and is expanding its portfolio in continental Europe and North America.