Impact investment provider ecoligo, a leader in revolutionizing the energy landscape in emerging markets, has successfully closed its €10 million Series A funding round. New investor is FRV-X, a venture division of Fotowatio Renewable Ventures (FRV), a world leader in the development of sustainable energy solutions and part of Abdul Latif Jameel Energy.
FRV develops and operates renewable energy projects worldwide and seeks to continue leading the global transition to a more sustainable energy future. FRV has evolved from being a developer to becoming an independent power producer (IPP), aiming to be the world’s leading green energy infrastructure platform. With this investment, FRV is expanding its portfolio to include the commercial and industrial customer segments through ecoligo’s work. So far, FRV has a pipeline of more than 10 GW around five continents, including PV Plants, Wind, BESS, Hybrid, and Green Hydrogen, and every year helps to avoid more than 1 million tonnes of CO₂ being released into the atmosphere.
FRV-X and ecoligo leverage synergies to scale sustainable energy together
“With its focus on commercial and industrial facilities, ecoligo perfectly complements our activities in the field of large-scale solar farms,” added Felipe Hernandez, Chief Innovation Officer at FRV-X. “Our investment in ecoligo is sustainable in two ways, not only in terms of onsite green energy production but also the democratization of the investment in renewable assets, giving way to the small investor to take an active role supporting the emerging economies energy transition. The company has proven continuous growing capacity, thanks to the strong development capacities and commitment with the retail investors, which is a sign of long-term success as well as high resilience.”
Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, said: “Our investment in ecoligo comes in line with our commitment to support innovative business models in the renewable energy sector whilst still delivering a positive impact. Both FRV-X and ecoligo share the same vision of democratizing the energy transition and creating a clean future for people around the world, and in particular, those in the global south. We will continue to look for opportunities to make impact-driven investments that support our efforts in initiating, driving, and maintaining the green energy transition.”
ecoligo will use the investment sum to continue to grow sustainably, to expand existing markets, and effectively drive forward the global energy transition.
In addition, ecoligo intends to further develop its digital impact investing platform and offer the opportunity to invest in its projects in more countries. Martin Baart, CEO of ecoligo GmbH, adds: “With FRV-X, we have found the perfect partner to enable even more companies in emerging markets to access clean energy. Through the alliance, we will not only be able to grow even more but offer more people the opportunity to contribute to the global energy transition through private investment.”
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