Lightrock Launches $500 Million Fund to Support Energy Transition and Electric Vehicles
PE firm Lightrock launches $500 million fund for companies focused on energy transition, EVs
The Economic TimesImage: The Economic Times
Lightrock, a private equity firm based in London, has launched a $500 million fund called Accelerate7 to invest in companies focused on energy access and clean cooking solutions across South Asia, Southeast Asia, and Sub-Saharan Africa. The fund aims to support sectors such as electricity access, electric mobility, and energy storage, with investments ranging from $10 million to $50 million.
- 01The Accelerate7 fund will invest in growth-stage companies, with a focus on sectors like clean cooking and electric mobility.
- 02Lightrock has already made investments in companies such as SolarSquare, Sun King, Euler Motors, and ATEC Global.
- 03The fund is supported by major investors including Shell, TotalEnergies, Equinor, and LGT.
- 04Lightrock's total capital dedicated to climate and energy transition initiatives now approaches $2 billion.
- 05Ademidun Edosomwan, a partner at Lightrock, emphasized the importance of energy access for economic opportunity in the Global South.
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Lightrock, a private equity firm headquartered in London, has announced the launch of its $500 million fund named Accelerate7, aimed at scaling companies dedicated to energy access and clean cooking solutions. The fund will target growth-stage businesses in regions such as South Asia, Southeast Asia, and Sub-Saharan Africa, investing between $10 million and $50 million per company. Key focus areas include electricity access, clean cooking, electric mobility, and energy storage. Notably, Accelerate7 has already made investments in several innovative companies, including SolarSquare, which specializes in residential rooftop solar systems, and Euler Motors, known for electric commercial vehicles. Ademidun Edosomwan, partner and head of energy access at Lightrock, highlighted that reliable energy access is crucial for economic development and quality of life improvements in the Global South. The fund has garnered backing from prominent investors and energy companies such as Shell, TotalEnergies, Equinor, and LGT, contributing to Lightrock's total climate-focused capital, which now nears $2 billion. Pal Erik Sjatil, managing partner and CEO of Lightrock, stated that the launch of Accelerate7 aligns with the firm's commitment to advancing energy transition and climate-focused investments.
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The fund's investments in energy access and clean cooking solutions could significantly improve living standards and economic opportunities in developing regions.
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