European LP approves investment in E3 Low Carbon Economy Fund I
FMO, the Dutch entrepreneurial development bank, has disclosed an approved investment of $10 million in the E3 Low Carbon Economy Fund I, an investment fund that aims to invest in low carbon decentralised and smart services in Africa.
The fund is formally managed by Lion’s Head Global Partners and advised by E3 Capital. FMO has participated in the fund’s first close alongside KFW, Swedfund and Proparco.
The fund is a successor to the Energy Access Ventures Fund, in which FMO is a limited partner.
The E3 Low Carbon Economy Fund I focuses on investing in early-stage companies with high growth potential and an innovative character. Target companies should have the potential to generate significant economic returns, as well as improve access to basic needs (like energy) or the environmental sustainability of African economies.