Mubadala Schneider Electric ink agreement for clean energy partnership

by Margaret Lau
'Advancing clean energy solutions' - Musabbeh Al Kaabi. Photo: Mubadala
Abu Dhabi-based Mubadala Investment Company is expanding its reach into the global energy services sector in partnership with European multinational Schneider Electric (SE).

Mubadala said it has signed a memorandum of understanding for "multi-faceted collaboration” with solar and battery storage developer SE, including energy-as-a-service projects and potential manufacturing in the United Arab Emirates (UAE).

SE’s Middle East and Africa president Caspar Herzberg said: "By combining our areas of expertise, we will be able to make significant progress in the space of clean energy and energy efficiency and scale up these ideas to benefit organisations and societies globally”.

Mubadala’s CEO of UAE investments, Musabbeh Al Kaabi, said: "This agreement is an important development in Mubadala’s strategy of advancing the development, commercialisation and deployment of clean energy solutions and innovative technologies globally as well as adding to Abu Dhabi’s position as a global centre of excellence in the sector.”

SE is a member of the European Battery Alliance and is a supporter of French start-up Verkor, which plans to build a 50GWh lithium-ion battery plant in France, with production starting in 2023.

SE is also a member of the European ‘CEO Alliance’ – launched in 2020 to support European Union moves to combat climate change and decarbonisation activities.

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