Sovereign wealth fund Mubadala invests in KKR-backed CoolIT Systems

• CoolIT specializes in scalable liquid cooling solutions for demanding computing environments
• Its technology is designed to reduce the operating costs and carbon emissions of data centers and digital infrastructure and to improve equipment reliability and longevity
• Mubadala is a sovereign wealth fund based in Abu Dhabi

Mubadala Investment Company has invested alongside KKR in CoolIT Systems, a Calgary-based provider of scalable liquid cooling solutions for the data center and desktop markets.

No financial details of the transaction were disclosed.

Earlier this year, US private equity firm KKR announced an agreement to acquire CoolIT Systems. It invested in the company through its global impact strategy.

CoolIT, with operations across North America, China and Taiwan, specializes in scalable liquid cooling solutions for demanding computing environments. Its technology is designed to reduce the operating costs and carbon emissions of data centers and digital infrastructure and to improve equipment reliability and longevity, while allowing for higher server density than legacy air-cooling methods.

“With the data center industry expected to consume 8% of the world’s energy by 2030, liquid cooling plays a vital role in reducing the digital economy’s emissions footprint,” said Abdulla Shadid, head of the impact investing team at Mubadala, in a statement. “We are pleased to invest alongside KKR to help CoolIT scale its best-in-class cooling solutions and better service its global customer base, while delivering a positive climate impact.”

Mubadala is a sovereign wealth fund managing a global portfolio aimed at generating sustainable financial returns for the Abu Dhabi government. The firm’s $276 billion portfolio spans six continents with interests in multiple sectors and asset classes.