Saudi-based Abdul Latif Jameel Energy has announced that FRV-X, the innovation and venturing division of its global renewable energy business Fotowatio Renewable Ventures (FRV), has invested $9.7 million in the Berlin-based firm, ecoligo.
The company said in a statement that “it will use the investment amount to continue to grow sustainably, expand existing markets, and effectively contribute to the global energy transition.”
Further, ecoligo intends to develop its digital impact investing platform and offer more investment opportunities in its projects across the world.
Through this investment, FRV is expanding its portfolio to include the commercial and industrial customer segments through ecoligo’s work.
Fady Jameel Deputy President & Vice Chairman Abdul Latif Jameel
“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.”
Mr. Felipe Hernandez, Managing Director of Engineering at FRV-X, said that, “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, allowing small investors to take part in the project’s funding.”
“With impact investors such as 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 expand our growth, but also offer more people the opportunity to contribute to the global energy transition through private investments,” commented Mr. Martin Baart, CEO of ecoligo.
