Zurich and Lagos-based energy venture builder, Persistent Energy, has closed a USD 8 Mn financing round.
The firm reveals that the equity raise was in the form of Series B Preferred Units of ownership in Persistent, which gives Series B holders a seat on the Board of Directors.
Persistent Energy’s Series B was finalized in December 2019. At the time, the impact investor raised USD 3 Mn from the Shell Foundation and USD 2 Mn from Singapore-based Dream Project Incubators.
The new round of financing will enable the solar-focused venture to expand its core building activities by developing new early-stage ventures in new markets and new product areas.
The investors comprised high net worth individuals and institutional investors, including Dream Project ((DPI) – a renewable project developer and venture investor in clean energy businesses in Asia.
Persistent Energy partners with exceptional entrepreneurial companies focused on innovation, improving their business models in order to scale and ultimately creating meaningful impact in underserved markets.
March 2019, Persistent joined hands with Verod Capital Management to invest USD 10 Mn in Daystar Power, a Lagos-based energy solutions provider.
The builder has also invested in Zimbabwe’s Zonful Energy, while having a litter of partners across Africa – including Rensource, Solar Works!, PEG Africa and Oolu.
Dirk Muench, co-founder of Persistent Energy says the Series B capital raise is the second on-balance sheet equity financing in the firm’s history.
Commenting, he said the round “is a validation of our venture building strategy and our focus on building companies that mitigate climate change and improve livelihoods in emerging markets, while providing our investors with attractive financial returns.
DPI founder and CEO, Kazoumi Kaneto, said: “We’re impressed with both Persistent’s thought leadership and its ability to execute its core strategy of building renewable energy business in Africa.
DPI is delighted to work with Persistent Energy to support startups dedicated to creating better places in Africa and other regions.
Image Courtesy: Zola Tanzania