Persistent Energy Capital LLC is a company that invests in and develops impact enterprises in underserved markets. The company offers strong operational and strategic backing to exceptional entrepreneurs. The company gets good financial returns and creates long-lasting environmental and social impact. On 31st July, the company announced a strategic partnership and investment with Zimbabwean based Zonful Energy. The move will be the fourth investment by Persistent in a company founded by Africans and launched in Africa. Founded and launched in 2014 by William Ponela, Zonful Energy has managed to sell and install more than 5,000 solar home systems in the country since 2017.
Zonful is planning to get to 25,000 clients by the end of 2018. The company has managed to bring out a matching AECF loan and launch a major expansion by the use of investment from Persistent. The partnership between the two companies includes advisory and technical backing in finance, IT and financial management by Persistent.
Moreover Catalyst, a partner company of Persistent is partnering with Zonful to put up its IT infrastructure with the aim of supporting its growth plans. According to Rodrigo Weiss, a partner of Persistent, the platform is happy to support Zonful and its whole team in developing a great off-grid energy venture in Zimbabwe. He added that they were attracted to achievement and hard work put in place by Zonful team. Weiss said that his company believes that Zimbabwe will soon experience significant growth. Persistent was happy to be amongst the first new investors to get in Zimbabwe to speed up the country’s growth.
The off-grid solar sector is amongst the highest improvement in the continent. Within the last five years, the industry has recorded over $360 million in investment across Africa, and it continues with the growth due to the reduction in the prices of storage and component. Moreover, Zimbabwe has a positive atmosphere, and the locals are expecting economic growth. According to Ponela, Persistent has proven to be a great partner to his company. Injecting fresh capital into Zonful has helped it in building its business. Ponela added that they were delighted and expected to go on with the partnership.
Zonful stands a great chance of growth due to its leading status in off-grid energy in the country backed by its collaboration with Persistent. Persistent has its offices in Zurich, New York, and Lagos. With its headquarters in the Zimbabwean capital, Zonful was founded by a qualified engineer with the aim of offering power to the less connected Zimbabwean. The company is selling off-grid energy throughout remote areas in Zimbabwe.