Investment firm New GX Capital has announced the first close of Airnergize Capital, which aims to raise R4-billion by final close to accelerate clean technology solutions in renewable energy, gas and water infrastructure across South Africa.

The recently launched clean technology fund has now secured an initial commitment of R2.4-billion under Airnergize Capital Fund I and aims to attract additional investors in the months ahead.

Airnergize Capital will be managed by New GX. Its investment strategy is aligned with global sustainability goals, prioritising innovative solutions that support a low-carbon economy and promote inclusive growth.

“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.

“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,” New GX Capital founder and CEO Khudusela Pitje said.

By backing pioneering businesses, Airnergize Capital aims to generate long-term environmental and social impact.

The fund will invest in both capital-heavy and asset-light business models, partnering with experienced management teams in established businesses with proven records.

Airnergize Capital prioritises scalable and high-impact technologies, backing companies at the forefront of the energy transition, water innovation and gas solutions.

The black-owned and controlled fund is geared at active and strategic fund management with a commitment to measurable environmental and social outcomes.

Owing to the vending in of integrated commercial and industrial renewable energy owner, operator and developer Sustainable Power Solutions Africa (SPS) – a portfolio company of New GX – Airnergize Capital is already operational with its first investment.

SPS offers both behind-the-meter and front-of-the-meter solar PV and battery solutions through its asset holding company, and in-house engineering, procurement and construction services, and operations and maintenance capabilities.

“The latest development at New GX . . . will unlock additional capital towards the drive to building SPS into a pan-Africanrenewable energy giant. SPS’s black economic empowerment credentials, with support of New GX are admirable amongst its peers,” SPS CEO Paul Mansour said.