Lightrock, a London-based investment platform focusing on technology-enable companies, has launched its Accelerate7 fund, following the final close of a USD $500 million fund focused on businesses advancing United Nations Sustainable Development Goal 7 (UNSDG 7).

In a statement last Friday, Lightrock said the fund aims to help access to affordable, reliable, sustainable, and modern energy. Accelerate7 will invest in growth-stage companies across Sub-Saharan Africa, South Asia, and Southeast Asia, with initial investments ranging from $10 million to $50 million. The strategy will focus on three sectors: access to electricity, clean cooking, and enabling technologies such as electric mobility and energy storage.

The fund is backed by investors and energy companies including Equinor, Shell, TotalEnergies, and LGT.

Portfolio companies backed by Accelerate7 will report on impact performance related to SDG 7 and will receive support through Lightrock’s impact measurement framework, technical assistance resources, and advisory network. The fund has already completed four investments in SolarSquare, Sun King, Euler Motors, and ATEC Global.

Deployment in Southeast Asia will be supported by TRIREC, a Singapore-based multi-asset investment management firm.

More than 660 million people globally still lack access to electricity, while around 2.1 billion people continue to rely on polluting or hazardous fuels for cooking, according to Lightrock. The fund can support businesses expanding access to modern energy and clean cooking solutions while attracting additional investment into the sector, Lightrock added.

With the launch of Accelerate7, Lightrock’s total capital dedicated to energy transition, energy access, and climate investments has reached $2 billion.

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