Lightrock establishes $500 M Accelerate7 fund with Southeast Asian energy access focus

Following the final close of a USD $500 million fund dedicated to companies advancing United Nations Sustainable Development Goal 7 (UNSDG 7), Lightrock, a London-based investment platform that focuses on technology-enabled companies, has launched its Accelerate7 fund.

Lightrock stated in a statement last Friday that the fund’s goal is to facilitate access to modern, affordable, dependable, and sustainable energy. With initial investments ranging from $10 million to $50 million, Accelerate7 will fund growth-stage businesses in South Asia, Southeast Asia, and Sub-Saharan Africa. Three areas will be the focus of the strategy: clean cooking, electricity access, and enabling technologies like energy storage and electric mobility.

Investors and energy firms like Equinor, Shell, TotalEnergies, and LGT support the fund.

Accelerate7-backed portfolio companies will report on their impact performance in relation to SDG 7 and will be supported by Lightrock’s advisory network, technical assistance resources, and impact measurement framework. Four investments in SolarSquare, Sun King, Euler Motors, and ATEC Global have already been completed by the fund.

TRIREC, a multi-asset investment management company with headquarters in Singapore, will assist with deployment in Southeast Asia.

According to Lightrock, over 660 million people worldwide still do not have access to electricity, and about 2.1 billion people still cook with hazardous or polluting fuels. According to Lightrock, the fund can help companies increase access to contemporary energy and clean cooking solutions while drawing more capital to the industry.

With the introduction of Accelerate7, Lightrock has invested $2 billion in energy transition, energy access, and climate initiatives.