Mubadala Invests $292M in Battery Storage Developer Zenobē
Zenobē is a London-based fleet electrification and battery storage solutions company.
Abu Dhabi sovereign wealth fund, Mubadala Investment Company, has invested $292.1 million in EV fleet and battery storage developer Zenobē. [1]
The investment was executed with Infracapital, the infrastructure equity investment arm of M&G Plc. Mubadala is a strategic limited partner in M&G Plc. In 2020, Infracapital invested $162.3 million in Zenobē.
Founded in 2017, Zenobē is a London-based fleet electrification and battery storage solutions company. Its grid-scale battery storage systems allow for the stable integration of renewables onto transmission grids. Its EV fleet business supports fleet operators that are transitioning to EVs, providing batteries, charging infrastructure, and integrated software. It currently has 430 MW of battery storage in operation or under construction and has a strong presence in the UK, Australia, and New Zealand, as well as a footprint in Europe and North America. Before this investment, it had raised over $1 billion in equity funding.
Zenobē aims to power 4,000 electric buses, trucks, and commercial vehicles by 2026.
Mubadala Investment Company is Abu Dhabi’s sovereign wealth fund. In 2020, it joined the One Planet Sovereign Wealth Funds Initiative--an international coalition of sovereign wealth funds that support climate action and integrate climate change into their decisions. [2]