Mubadala-backed Infracapital co-invests in British battery storage startup Zenobe: Infracapital — the infrastructure fund of British asset manager M&G backed by UAE’s Mubadala and Pantheon Infrastructure — has successfully closed a co-investment in London-based battery storage company Zenobe, according to a statement released on Thursday. The investment — which follows an initial investment by Infracapital in 2020 — is its largest co-investment to date, the statement notes.

It was a busy week for Zenobe: The London-based startup said last week that it had secured an investment of GBP 600 mn from New-York-listed buyout firm KKR, with GBP 270 mn of equity invested by existing shareholder Infracapital, according to a separate statement. The transaction — subject to customary closing conditions and regulatory approvals — will make both KKR and Infracapital joint majority shareholders in Zenobe. Japanese power giants Jera and Tepco Power Grid will remain minority strategic shareholders in Zenobe, the statement notes.

Where the funds are going: The co-investments will help boost Zenobe’s expansion in the UK, North America, Europe, Australia, and New Zealand — supporting the company’s integration of wind power into the British national power grid to back its target to commission c. 1.2 GW of storage in the UK by 2026. It will also help it with its goal to develop an additional 2.5 GW of battery energy storage assets in North America and Australia by 2030.

About Zenobe: Founded in 2017, Zenobe is a UK-based EV fleet and grid-scale battery storage specialist. It now operates in Europe and Australasia with expansion planned to North America, according to the statement. It currently has 430 MW of battery storage in operation or under construction with another 1.2 GW of projects in the works in the UK. It holds a 25% market share of the UK electric vehicle bus sector and supports c. 1k electric vehicles globally.