Amadeus Capital invests in India-focused energy management firm
Mumbai: Technology investor Amadeus Capital Partners on Wednesday said that it has made the second investment from its Digital Prosperity Fund, leading the equity component of $21 million financing in Cambridge Clean Energy Ltd.
Cambridge is a provider of renewable energy management solutions to mobile network operators and tower companies in India and Africa, with plans to increase its presence in India, Amadeus said in a statement.
The investment follows Amadeus’ announcement that Bhavani Rana had joined the company as India head to establish Amadeus’ presence in India. Rana was previously investment director at Intel Corp.
Cambridge Clean Energy (CCE) was formed through the combination of Cambridge Energy Resources Pvt. Ltd CER) and Clean Power Systems Holdings Ltd (CPS), providers of power solutions for base stations of mobile network operators in India and Africa.
“CCE’s aim is to achieve the lowest cost per kWh price of energy for our customers. We are well funded and will in the future raise further capital to continue supporting the group’s expansion of the EMSaaSTM (energy-management-solution-as-a-service) model across Africa and India. We plan to build CCE into the industry leader for distributed renewable power in emerging markets,” said William Bubenicek, president and chief executive at CCE.
London-headquartered CCE maintains product development teams in India and the US.
“The need for consistent energy supply in emerging markets is not, however, limited to mobile operators. Consumer and commercial demand for reliable power is growing as spending power increases across Africa and India and CCE is building a pipeline of projects with banks, ATM operators and fuel station chains,” the firm said in the release.
The Amadeus IV Digital Prosperity Fund invests in venture and growth companies developing applications and services targeted at the rapidly expanding middle classes in Africa, the Middle East, Asia and Latin America. In 2014, the fund led an $8.9 million series B round funding in Brazilian online price comparison and insurance brokerage business, Bidu.