Abu Dhabi: Mubadala Investment Company (“Mubadala”), the Abu Dhabi sovereign investor, is pleased to announce 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 stabilizing 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, catalyzing 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 decarbonization 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.”
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.
Mubadala’s $276 billion (AED 1015 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.
For more information about Mubadala Investment Company, please visit: https://www.mubadala.com/.
Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 60 companies around Europe and has raised and managed over €7.8 billion of client capital across six funds. Infracapital is part of M&G Plc, an international savings and investments business, managing money for around 5 million retail customers and more than 800 institutional clients in 26 markets. Total assets under management are £332.8 billion (as at 30 June 2023).
For more information, please visit www.infracapital.co.uk
Zenobē is an EV fleet and grid-scale battery storage specialist, headquartered in the UK. The company began operations in 2017 with three founders and has over the past 6 years increased its staff to >230 FTEs with a wide range of leading skills including electrical engineering, software development, computer sciences and financing. It now operates in Europe and Australasia and is expanding into North America. Zenobē has 430MW of battery storage in operation or under construction with another 1.2GW of projects in advanced development in the UK. It also has around 1,000 electric vehicles supported globally. The company is one of the largest owners and operators of EV buses in the UK, Australia and New Zealand.
Zenobe’s services are supported by market leading financing capability. This has included completing and drawing down against the Fleet private placement in February 2022 which raised over £240 million long term debt for the financing of Fleet customers, principally bus operators in the UK, over up to 16 years. This also included the financing of grid-scale batteries completed in February 2023 which raised £635 million of debt including an accordion for the development of Zenobē’s grid-scale battery storage assets in Scotland.
For more information, please visit www.zenobe.com/ or follow on LinkedIn.