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Persistent raises $10mn in equity

to grow climate business in Africa

AFRICA US-BASED Persistent Energy Capital LLC said started and built in order to reach United
this week that it has raised $10mn in equity to Nations Sustainable Development Goals
help it grow its climate-venture business in (SDGs) within the next 10 years.
Africa. “Kyuden and FSDAi are committed to our
The company, which provides financing entrepreneurial climate-venture building
for renewable energy projects in Sub-Saharan model. By leveraging these powerful partner-
Africa, said the equity raised was achieved with ships, we will be able to accelerate our most pio-
the support of Kyuden International Corpora- neering venture-building investments, driving
tion and FSD Africa Investments, according to the transition to clean energy, promoting e-mo-
a statement on Tuesday. bility and finding innovative business models
The equity raise took form of series C pre- and technological developments across the
ferred units of ownership in Persistent, giving continent,” he said
series C investors a seat on the board of direc- This fundraising also drew on capital pro-
tors. The largest investor was Kyuden, the over- vided by Financial Sector Deepening Africa
seas business arm of Japanese Kyushu Electric Investments (FSDAi), the investment arm of
Power Group. Foreign, Commonwealth & Development
Investing in Persistent represents a strategic Office (FCDO) of Britain.
move for Kyuden to expand its overseas busi- “We are delighted to support Persistent as it
ness with an established partner in Africa, expands its innovative climate venture building
where the demand for clean power and electric model. We look forward to working with the
mobility is growing dramatically. The Japanese Persistent team to accelerate the investment
company has energy investment activities and needed by African entrepreneurs in the nascent
consulting services across the world and shares and fast-growing climate sectors,” said FSDAi
with Persistent a strong commitment to renew- Chief Investment Officer Anne Marie Chidzero.
able energy and building sustainable communi- Investing in Persistent’s climate-venture
ties, according to the statement. building business furthers FSDAi’s objective of
Persistent will benefit from the expertise, driving and supporting innovative models that
know-how, and network accumulated from can address market gaps and remove financing
domestic and overseas energy businesses of barriers to early-stage entrepreneurs.
Kyuden around the globe, the U.S. company Persistent has offices in Nairobi, Zurich and
said. New York, and serves investors and 20 partner
Persistent managing partner Tobias Ruck- companies in 17 countries across Sub-Saharan
stuhl said many more companies need to be Africa. ™

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