The United Arab Emirates' sovereign wealth fund, Mubadala Investment Company, has acquired liquid cooling technology company CoolIT Systems, in partnership with US investment firm KKR. The investment aims to help scale CoolIT's solutions and lower carbon emissions from data centers.
CoolIT's patented liquid cooling technology enables data centers to operate more efficiently, lower costs, improve reliability and support higher server densities - all while reducing their environmental impact. With data centers projected to consume 8% of global energy by 2030, CoolIT's solutions can play an important role in curbing the digital economy's emissions.
Abdulla Shadid, head of Mubadala's Impact Investing team, said "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."
The terms of the deal were not disclosed. CoolIT, based in Calgary, specializes in liquid cooling systems for high-performance computing and serves customers in North America, China and Taiwan.
KKR's investment comes through its Global Impact strategy, which targets opportunities that generate financial returns and social impact. For Mubadala, the deal fits with its focus on investing in life sciences, renewable energy and digital infrastructure.
With the CoolIT investment, Mubadala and KKR aim to help a company profitably commercialize technology that can meaningfully reduce emissions from the fast-growing data center sector.
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