Zenobe operates across a number of international markets including the UK, Australia, New Zealand, Europe and North America. Image: Zenobe.

The Abu Dhabi sovereign investor Mubadala Investment Company has announced a strategic investment in battery energy storage and EV fleet solutions provider Zenobē.

Supported by Mubadala, Infracapital, the infrastructure equity investment arm of M&G where Mubadala is a strategic limited partner, will invest £270 million to grow the business both in the UK and globally.

US-listed private equity firm KKR has also announced a £600 million investment to become a joint majority shareholder alongside Infracapital. This was reported by our sister publication Energy-Storage.news in September but now has been officially confirmed.

In total, this means £870 million will be pumped into the business.

The investment in Zenobē will enable the firm to continue to expand its battery energy storage portfolio and support the company in powering 4,000 electric buses, trucks and commercial vehicles by 2026.

At the time of reporting, Zenobē has supported over 1,000 electric vehicles globally and has 430MW of battery storage in operation or under construction. This is across a number of international markets including the UK, Australia, New Zealand, Europe and North America.

Khaled Al Qubaisi, CEO of Real Estate and 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.”

Zenobē has been working on a number of notable grid-scale BESS including a 300MW/600MWh unit in Blackhillock, Scotland, on which construction started earlier this year with commercial operation scheduled for mid-2024. That is part of a portfolio of four sites in Scotland totalling 1050MW/2100MWh of energy storage.

Solar Power Portal publisher Solar Media will host the 9th annual Energy Storage Summit EU in London, 20-21 February 2024. This year it is moving to a larger venue, bringing together Europe’s leading investors, policymakers, developers, utilities, energy buyers and service providers all in one place. Visit the official site for more info.