Climate venture building firm Persistent Energy has raised equity capital from Japanese and British institutional investment firms for its Series C round which remains open to other investors to join until the end of this year. Kyuden International Corporation, part of Japan’s Kyushu Electric Power Group, and UK-based FSD Africa Investments, are investing $10 million in the 10-year-old business which will be used to expand its climate venture building business in Africa. Each organization will have a board representative as part of the deal. No additional terms were disclosed.
The larger share of the capital is being provided by Kyuden who is making the investment as part of a strategy to exploit the rapidly growing demand for clean power and electric mobility in Africa with an established partner on the continent. Persistent expects to benefit from Kyuden’s expertise, know-how, and network of domestic and overseas energy businesses around the world.
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