Mubadala Investment Company (Mubadala), the Abu Dhabi sovereign investor, has announced its investment in Zenobē, a global player in fleet electrification and battery storage solutions. This strategic investment by Mubadala was executed with Infracapital, the infrastructure equity investment arm of M&G Plc, where Mubadala is a strategic limited partner.

Founded in 2017 and headquartered in London, Zenobē is an EV fleet and battery storage specialist. Its EV fleet business provides end-to-end solutions to support fleet operators with their transition to electric vehicles, including batteries, charging infrastructure and integrated software, while its battery storage business develops large-scale batteries that connect to transmission grids, a critical stabilising component for networks as increasing renewable energy resources are integrated into the grids.

Since Infracapital's initial investment in Zenobē in 2020, the business has demonstrated remarkable growth, supporting over 1,000 electric vehicles globally, and has 430MW of battery storage in operation or under construction. The business has strong presence in the UK, Australia and New Zealand and a growing portfolio in continental Europe and North America.

Supported by Mubadala, Infracapital is investing a further £270 million in Zenobē to grow the business in the UK and globally. KKR, a leading global investment firm, is also investing approximately £600 million, forming a strategic partnership with Infracapital as joint majority shareholders in Zenobē. With the support of its shareholders, Zenobē aims to power 4,000 electric buses, trucks, and commercial vehicles, catalysing the global shift to cleaner transportation by 2026.

The transaction represents a significant milestone for Zenobē and underscores Mubadala's unwavering commitment to driving positive change and contributing to a sustainable and resilient future.

Khaled Al Qubaisi, CEO of Real Estate & Infrastructure Investments at Mubadala, said, “As the world gathers to address climate change during COP28, there is no doubt about clean energy infrastructure as a climate solution to enable a transition to a low carbon economy. Mubadala is investing in industries of the future to help find solutions to the world’s biggest challenges, including climate change, and our partnership with Infracapital and investment in Zenobē is a strong indicator of our commitment as a responsible investor. As one of the most exciting electric vehicle and battery storage companies in the world today, Zenobē is an established first mover, with a strong track record of using technical and commercial innovation to bring leading sustainable solutions to market. The growing demand for sustainable power and the decarbonisation of transport are two key global trends today, and we see great potential in Zenobē to build on its already impressive growth in its core markets and diversify further into new countries. We are proud to complete this transaction, and we are committed to supporting Zenobē deliver sustainable solutions for a more sustainable future.”