New GX Capital, an investment firm specializing in infrastructure, cleantech, and digital transformation, has partnered with RMB Ventures, the private equity arm of Rand Merchant Bank (FirstRand Group), to announce the first close of their Airnergize Capital Fund I at R2.4 billion ($120 million). The fund, a cleantech investment platform focused on energy, water, and sustainable molecules, is targeting a final close of R4 billion ($200 million) to accelerate sustainable infrastructure development across Africa.
The fund’s launch comes at a critical time for Africa, where energy access and water security remain pressing challenges. Airnergize Capital will focus on high-impact investments in renewable energy generation, water infrastructure, and gas solutions — aligning with global sustainability goals while fostering economic growth.
Managed by New GX Capital, the fund will back both capital-intensive projects and asset-light business models, prioritizing scalable technologies and experienced management teams. As a Black-owned and controlled fund, Airnergize Capital emphasizes measurable environmental and social outcomes alongside financial returns.
The fund has already made its first investment through Sustainable Power Solutions Africa (SPS), a New GX portfolio company specializing in commercial and industrial (C&I) solar PV and battery storage solutions. SPS operates both behind-the-meter and front-of-the-meter renewable energy projects, supported by in-house engineering, procurement, and construction (EPC) services.
Paul Mansour, CEO of SPS, welcomed the fund’s launch, stating:
“This development unlocks additional capital to scale SPS into a pan-African renewable energy leader. New GX’s support strengthens our BEE credentials and growth trajectory.”
Khudusela Pitje, Founder and CEO of New GX Capital, highlighted the fund’s broader mission:
“Six years ago, we entered the utility sector with a commitment to sustainable change. Access to clean energy, water, and gas is fundamental to Africa’s development, and Airnergize Capital is a pivotal step toward that future.”
RMB Ventures, known for its track record in high-growth South African businesses, is a key partner in the initiative. Eutychus Mbuthia of RMB Ventures noted:
“This fund combines our private equity expertise with New GX’s infrastructure experience to address South Africa’s energy and water challenges. We see strong potential for scalable impact.”
With Africa’s energy demand projected to grow rapidly, Airnergize Capital positions itself as a catalyst for low-carbon transition and inclusive economic growth. The fund’s strategy includes:
- Renewable energy projects (solar, wind, battery storage)
- Water infrastructure (treatment, desalination, distribution)
- Gas solutions (LNG, biogas, and transitional energy sources)
Tebatso Modiba, Deal Executive at Airnergize Capital, emphasized the fund’s ambition:
“We are building a leading cleantech platform under New GX, driving sustainability not just in South Africa but across the continent.”
As Airnergize Capital prepares for its final close, the focus remains on attracting additional investors to meet its $200 million target. The fund’s success could set a precedent for private capital mobilization in Africa’s cleantech sector, offering a blueprint for sustainable development in emerging markets.