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Persistent Energy Capital LLC

Overview

About

Persistent Energy Capital (“Persistent”) employs a venture building model and invests financial and human resources in early-stage companies at the nexus of climate and technology.

Persistent backs African companies that offer the competitive financial returns required to drive lasting impact.

Investment Details

Name

Persistent Energy Capital LLC

Tagline

Driving innovation in climate mitigation and adaptation: Making finance available to Africa’s climate ventures

Sector

Climate finance

Location

Burkina Faso, Cote d’Ivoire, Cameroon, DRC, Ghana, Guinea, Kenya, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Togo, Uganda, Zimbabwe

In portfolio since

2022

Our role

  • FSDAi invested in Persistent to support its climate venture building model for African businesses mobilizing, and demonstrating opportunities for climate finance. Through the investment, FSDAi seeks to address financing and capacity barriers faced by early-stage entrepreneurs driving climate mitigation and adaptation in Africa.
  • FSDAi’s US$ 3m (£2.5m) equity capital investment met a critical milestone for closing the Series C round, unlock co-investment from a Japanese utility, enabling Persistent to broaden its investment scope, enter new markets and innovate new technologies while attracting further institutional investment in the future.
  • FSDAi is supporting Persistent in their ambition to raise a US$50-70m fund focused on climate finance innovations.

Our investment

Committed capital: £2.5 million

Instrument: Equity

Purpose and target market

The investment seeks to generate important environmental, economic, and social impact, including:
  • Energy access for households and businesses: companies deploying Pay-As-You-Go solar home systems (PAYGSHS) will provide home lighting products and services that reduce reliance on dangerous and expensive light sources (such as kerosene lamps), provide clean cooking solutions, improve personal safety, increase time available for work and study, and reduce household air pollution. This will contribute to reduced green-house gas (GHG) emission as well as improving livelihoods
  • Productive use of energy and e-mobility solutions: by introducing solutions like electric bikes which have limited direct emissions, ventures backed by Persistent will not only contribute to the improvement of air quality and climate change mitigation, but also serve as a better alternative for taxi drivers, who currently rent their motorbikes at high rates, thus ensuring significant savings and boosting employment by enabling youth to obtain their own vehicles.

Impact to date

280,000 Projected number of households and businesses with better energy access

28MWp Projected renewable energy capacity to be installed

6,305 Projected number of direct jobs created

772,064 Estimated total tonnes of CO2 equivalent to be avoided

Investee contacts

2nd Floor, Eaton Place, UN Crescent Gigiri, P.O.Box, 63946-00619, Muthaiga, Nairobi, Kenya

+254(0)727144842

www.persistent.energy

FSD Africa contact

Riverside Green Suites (Palm Suite), Riverside Drive, Nairobi
FSDAi-info@fsdafrica.org

Updated: October, 2022