Lightrock, a private equity firm based in London, has introduced a significant fund named Accelerate7, totaling $500 million. This initiative is designed to support companies focused on enhancing energy access and promoting clean cooking solutions in regions such as South Asia, Southeast Asia, and Sub-Saharan Africa.
The fund will primarily invest between $10 million and $50 million in growth-stage companies, targeting sectors including:
- Electricity access
- Clean cooking solutions
- Electric mobility
- Energy storage
Accelerate7 has already made investments in several innovative companies, such as:
- SolarSquare: Specializes in residential rooftop solar systems.
- Sun King: Known for solar-powered energy products in emerging markets.
- Euler Motors: Manufactures electric commercial vehicles.
- ATEC Global: Focuses on clean cooking and biodigester solutions.
Why it matters: Reliable energy access and modern cooking solutions are critical for economic growth and improving living standards in developing regions. Ademidun Edosomwan, a partner at Lightrock, emphasized the importance of supporting businesses that have shown strong execution and are poised for growth.
The fund is backed by notable investors and energy companies, including Shell, TotalEnergies, Equinor, and LGT. With the launch of Accelerate7, Lightrock's total investment in climate and energy initiatives has now reached nearly $2 billion.
Next steps: As Accelerate7 begins its investments, it aims to foster innovation and scalability in the energy sector, contributing to a more sustainable future.
