Mubadala is acquiring a stake in CoolIT alongside US private equity firm KKR: UAE sovereign fund Mubadala Investment Company and US private equity firm KKR have jointly acquired Canada-based liquid cooling provider CoolIT Systems, The National reports. KKR first announced its acquisition plans in May to support CoolIT’s expansion plans in the global data center market. The financial value and the post-acquisition share structure were not disclosed.

CoolIT has saved a lot of CO2: CoolIT has developed and patented a new technology called DLC that uses “warm liquid rather than cold air to dissipate heat from computer and server components,” according to their website. The company’s patented coolant is designed to reduce operating costs and carbon emissions of data centers and digital infrastructure. By the end of 2021, the tech reduced energy consumption by over 1.1 bn kWh, saving some 780k metric tons of CO2 from being released to the atmosphere, according to a statement released on their website. This is equivalent to emissions released from around 168k cars in one year.

Why is this important? “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,” head of Mubadala’s Impact Investing Abdulla Shadid said.

More about CoolIT: The company has headquarters in both Calgary, Canada and Connecticut, USA, three manufacturing warehouses in Canada and China and sales teams located around the globe. CoolIT conducted a customer case study in Dhahran, Saudi Arabia for an undisclosed project.

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