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Abu Dhabi sovereign investor Mubadala Investment Company has signed a deal with Hyundai Motor Company to pursue business opportunities in future mobility and clean technologies.
The memorandum of understanding (MoU), signed in Abu Dhabi, will see both companies jointly invest and share expertise in various fields, including green steel production, green aluminium production, recycling, advanced air mobility and infrastructure for electric vehicles, according to a statement on Friday.
The agreement will enable Mubadala to further diversify its portfolio across sectors, including mobility, green technology and energy, according to Waleed Al Mokarrab Al Muhairi, Deputy Group CEO of Mubadala Investment Company.
“We will surface new investment opportunities that are in line without strategic growth ambitions and sustainability agendas,” Al Muhairi said.
Mubadala announced this month a £270 million ($343.18 million) investment in battery energy storage and EV fleet solutions provider Zenobē.
Infracapital will invest the said capital in Zenobē to grow the business in the UK and globally. Infracapital is the infrastructure investment arm of M&G where Mubadala is a strategic limited partner.
(Writing by Cleofe Maceda; editing by Seban Scaria)
