New GX Capital and RMB Ventures launch new fund
New GX Capital and RMB Ventures have launched the Airnergize Capital Fund I.
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New GX Capital and RMB Ventures have launched the Airnergize Capital Fund I with a R2.4 billion ($120 million) commitment to accelerate clean technology solutions in renewable energy, gas, and water infrastructure across South Africa.
The fund is targeting a final close of R4 billion ($200 million) by attracting additional investors in the months ahead.
Airnergize Capital will be managed by New GX, with a focus on thematic investments across renewable energy, gas, and water.
The fund will invest in both capital-heavy and asset-light business models, partnering with experienced management teams in established businesses with proven track records.
Following the incorporation of Sustainable Power Solutions Africa (SPS), a portfolio company of New GX, Airnergize Capital is already operational with its first investment. SPS is an integrated commercial and industrial renewable energy company that owns, develops, and operates solar PV and battery projects. It also provides in-house engineering, procurement and construction services, as well as operations and maintenance support. “We are excited by the latest development at New GX that will unlock additional capital towards the drive to building SPS into a pan-Africa renewable energy giant. SPS’s BEE credentials with support of New GX are admirable amongst its peers,” said Paul Mansour, CEO of SPS.
“Our journey into the utility industry started six years ago, and we are committed to investing in solutions that will drive sustainable change across Africa,” said Khudusela Pitje, founder and CEO of New GX Capital. “Access to clean energy, water, and gas is fundamental to economic growth and social upliftment, and through Airnergize Capital Fund I, we are taking a significant step toward building a more sustainable future.”
“RMB Ventures is a like-minded and long-term focused investor that shares our vision to build a leading clean tech platform under the New GX umbrella, unlocking a sustainable tomorrow in both South Africa and across the continent,” said Tebatso Modiba, deal executive at Airnergize Capital.
“We are enthusiastic to launch Airnergize Capital and continue our long-term partnership with New GX,” said Eutychus Mbuthia at RMB Ventures. “This fund represents a significant step forward in our commitment to sustainable investments and will play a crucial role in addressing South Africa’s energy and water challenges. Combining our private equity skills as a core investor in the fund, and RMB’s track record in this sector, with New GX’s deep understanding and proven success in infrastructure and renewable energy, will be instrumental in driving the success of Airnergize Capital. The fund’s investments will support the growth of sustainable infrastructure and contribute to the economic development of South Africa.”
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