A new player in South Africa’s venture capital ecosystem is making waves by focusing on clean, sustainable technologies that could reshape the continent’s infrastructure. Airnergize Capital Fund I, a recently launched fund, is positioning itself as a catalyst for change in the renewable energy, gas, and water sectors, not only in South Africa, but across the broader Southern African region.
A R4 Billion Commitment to Clean Technology
With an initial commitment of over R2.4 billion and a targeted fund size of R4 billion, Airnergize Capital Fund I is one of the more ambitious new investment vehicles dedicated to clean technology on the continent. The fund focuses on both capital-intensive and asset-light business models, and will partner with experienced management teams who have proven track records in scaling sustainable infrastructure businesses.
“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, 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.”
Who Is Backing Airnergize Capital Fund I?
The fund is managed by New GX Capital, an established South African investment firm with a strong focus on infrastructure, clean technology (cleantech), and digital transformation. Founded in 2005, New GX Capital has built a reputation for driving sustainable growth and positive social impact.
The firm’s journey began with the support of Absa Capital, leading to a strategic acquisition of a 37.3% stake in CIE Telecoms, now known as CIVH. This acquisition paved the way for the founding of Dark Fibre Africa (DFA), South Africa’s leading open-access fibre network provider.
New GX Capital’s current portfolio includes high-growth companies such as:
Hyperco
Maziv
Envisionit
SkyNet
Inhance
Fungi Energy
Airnergize Capital Fund I’s operations have already commenced, thanks in part to the integration of Sustainable Power Solutions Africa (SPS), a clean energy portfolio company previously held by New GX.
Backing the fund’s mission is Rand Merchant Bank (RMB), which has invested $111 million and will continue to support the fund’s activities. In addition, Nedbank Corporate and Investment Banking (CIB) recently committed approximately R500 million, further bolstering Airnergize Capital’s ability to scale.
CleanTech in Africa: A Growing Investment Opportunity
Africa remains paradoxically rich in energy resources but poor in energy access. According to the International Energy Agency (IEA), around 600 million Africans still lack proper access to electricity, while over 1 billion still rely on open fires and traditional stoves using wood, charcoal, kerosene, coal and animal waste to prepare meals.
Unlocking Africa’s energy potential is critical for its economic development and climate resilience. Yet, Africa accounts for less than 3% of global energy investment. Closing this gap requires a monumental shift in capital flows.
Policies such as the African Union’s Agenda 2063: The Africa We Want - a strategic framework for inclusive and sustainable development - aim to scale annual energy investments to $240 billion by 2030. However, these targets cannot be met without substantial private sector involvement.
The Role of Private Capital in Africa’s CleanTech Growth
Airnergize Capital Fund I exemplifies how private investment vehicles can play a central role in Africa’s sustainable development and transition. The continent is projected to undergo a large infrastructure boom. By 2030, Africa is expected to construct more floor space than currently exists in Japan and South Korea combined. This will fuel unprecedented demand for cement, steel, data centres, cold chains, irrigation systems, and mining operations.
Under the IEA’s Sustainable Africa Scenario, private sector spending must increase at least 2.5 times by 2030, reaching roughly $190 billion annually, compared to the current $75 billion.
The success of this transformation depends heavily on blended finance models, an area where Airnergize Capital Fund I is seeking to make an impact. By combining commercial capital with development finance and concessional funding, the fund can de-risk projects and attract a broader investor base.
Why Airnergize Capital Fund Is Key to Africa’s Sustainable Future
In a world of increasing urgency around climate change, energy poverty, and infrastructure deficits, funds like Airnergize Capital Fund I are not just welcome, they are essential. The fund’s approach and strong capital base position it to be a first-mover in markets that are underserved but filled with potential.
By investing in renewable energy, water, and gas infrastructure, Airnergize Capital is not just fuelling businesses, it’s enabling long-term socio-economic transformation. Its model serves as a blueprint for how private capital can be leveraged to build resilient, inclusive economies across Africa.
Lungile is the Digital Editor for Startup.Africa, with a knack for storytelling, technology and innovative ideas. Working with Startup.Africa, she takes simple ideas and turns them into amazing stories.
Lungile Msomi
