business news

Persistent Energy secures $10M to grow clean energy business in Africa

Persistent Energy secures $10M to grow clean energy business in Africa

Persistent Energy, the climate venture business based in Africa, has reportedly raised more than $10 million in Series C funding to expand its business of climate venture building in Africa. The round was co-led by Kenya-based NGO, Financial Sector Deepening (FSD) Africa Investments, and Kyuden International Corporation, the subsidiary of Japan’s Kyushu Electric Power Group.

As per reports, six new private investors, notably Kotaro Tamura, and existing investors such as DPI Energy Ventures, and BK Ventures BV, also participated in the equity round.

Tobias Ruckstuhl, MD, Persistent Energy, stated that the firm will utilize the additional funds to expand further into Sub-Saharan Africa, under an effort to promote the usage of renewable energy options and technology in the region.

Ruckstuhl added that a lot more enterprises must be established and built to achieve the UN Sustainable Development Goals (SDGs) over the next ten years. He further stated that both Kyuden and FSDAi are committed to entrepreneurial climate venture development model of the company.

Through these strong partnerships, Persistent Energy will be able to accelerate its most forward-thinking venture building investments, drive the transition to renewable energy, promote e-mobility, and also identify unique business models and technology developments throughout the continent.

The firm further added that it would also strengthen its workforce with the help of the new funding.

The portfolio firms of Persistent offer ecosystem building, e-mobility solutions, residential, commercial, as well as industrial solar solutions.

One of these organizations, Solar Works, has been operating in Southern Africa for ten years and specializes in home solar systems. The most recent to join its portfolio of firms is the Ghanaian e-mobility company, Solar Taxi. Solar Taxi designs, builds, and distributes vehicles used for transportation and delivery services.

The firm’s portfolio companies include the likes of BBOX, Oolu, Upowa, Rensource, Altech, Candi, Asobo, Ecobodaa, Ecoenergy, as well as ecosystem builder, Hohm Energy.

In Sub-Saharan Africa, Persistent has more than 20 partner organizations spread across 17 nations. To date, the climate venture firm has successfully exited two rounds.

Source credit:

About the author

Omkar Patwardhan

Omkar Patwardhan started his professional career in the hospitality industry. Having nurtured a deep-sated passion for words however, he found his way into content writing and now pens down articles for numerous websites, including News Origins, spanning the sectors of business, finance, and technology.