Persistent Energy Capital, which invests in the off-grid energy and e-mobility sector in sub-Saharan Africa, has announced the completion of a $10 million Series C fundraising.
The deal represents Persistent Energy’s third capital increase since company began operations in 2012. In the coming years, the company intends to enhance its personnel and expand its activities on the continent. The largest investor in this Series C round was Kyuden, the energy investment arm of Japanese firm Kyushu Electric Power.
The official comment from Persistent Energy stated, “Investing in Persistent Energy is a strategic move for Kyuden to develop its company internationally with an established partner in Africa, where the demand for clean energy and electric mobility is rising quickly.”
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This fundraising comes nearly a week after the company’s fourth investment in Africa’s electric vehicle industry. Early in the month of July, the investor, whose headquarters are in Kenya, expanded its activities in West Africa by investing in Solar Taxi, a mobility company that designs and assembles electric vehicles for transportation and delivery.
By securing the backing of two major institutional investors, Kyuden and FSD Africa Investments, as part of this recent fundraising effort, the company will welcome these two institutions to its board. The company, which is present in seventeen sub-Saharan African nations and serves over twenty partner organisations, is continuing its deployment on the continent.
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Persistent Energy has received assistance from six new private investors, angel investors, and entrepreneurs from Asia and the United States, in addition to these two organisations. 600 million people in sub-Saharan Africa still lack access to electricity.
Persistent Energy Capital Persistent Energy Capital
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh