Lightrock's $500M Accelerate7 Fund Targets Clean Energy Gaps in Africa and Asia

Lightrock has launched a new $500 million clean energy fund named Accelerate7. The fund will back growth-stage companies working to expand access to affordable and sustainable energy across Africa and Asia. Investors include major energy firms like Equinor, Shell, and TotalEnergies, alongside LGT Group. Accelerate7 will target businesses in Sub-Saharan Africa, South Asia, and Southeast Asia. Its focus areas include electricity access, clean cooking solutions, electric mobility, and energy storage technologies. The fund plans to invest between $10 million and $50 million in each company.

The fund has already backed four firms: SolarSquare, Sun King, Euler Motors, and ATEC Global. Lightrock CEO Pal Erik Sjatil described the strategy as blending infrastructure investment with growth equity. Ademidun Edosomwan, Lightrock’s energy access lead, added that the fund aligns with UN Sustainable Development Goal 7—ensuring affordable and clean energy for all. Lightrock itself was spun out from LGT Group and specialises in what it calls 'infra growth equity'. The new fund builds on this approach, aiming to scale businesses that address critical energy gaps in emerging markets.

Accelerate7 will channel funds into companies that can accelerate energy access in underserved regions. With backing from global energy giants, the initiative aims to drive measurable progress in clean energy adoption. The first investments suggest a focus on solar power, electric vehicles, and off-grid solutions.