Akon Lighting, Inc. Announces Partnership Between The Black Sunrise Fund and U.K.-based Growmore Group

Rhea-AI Summary

Akon Lighting has appointed Growmore Group as a fund manager for its Black Sunrise Fund (BSF), targeting $5 billion over 50 years. This initiative aims to link the black community with clean energy opportunities, focusing on decommissioning coal plants and transitioning to renewable energy sources like solar and wind. The fund will also create community workforce development programs for minorities, and provide a solar installation curriculum in partnership with local colleges. Investor interest has been substantial, indicating strong potential for socio-economic impact.

Positive

• Akon Lighting's Black Sunrise Fund aims for $5 billion over 50 years, linking the black community with clean energy opportunities.
• The initiative promotes job creation and workforce development for black minorities near decommissioned coal facilities.
• Strong investor interest is indicated, which may ensure financial support for the fund's initiatives.

Negative

• None.

ATLANTA, March 26, 2021 /PRNewswire/ -- Akon Lighting, Inc. today announced the appointment of Growmore Group (www.growmoregroup.co.uk) to assist with structured fund management and equity raising activities for its Black Sunrise Fund. Growmore Group is a regulated investment banking organization with branches in London, Dubai, CARICOM region and Zurich.

The Black Sunrise Fund (BSF) is expected to be a $5.0 billion, 50-year fund with a national initiative to help "bridge the gap" between the black community and clean energy opportunities, while making a significant impact on social and income equality and industrial sustainability.

BSF will drive this initiative through the decommissioning of coal plants across the U.S. and recommissioning them to renewable energy (solar, wind, storage, etc.) alongside our industry partners at Orbital Solar Services ("OSS"), a wholly-owned subsidiary of Orbital Energy Group, Inc. (Nasdaq: OEG) (www.orbitalenergygroup.com) that was named as the engineering, procurement, and construction ("EPC") company "of choice" for the newly-formed Black Sunrise Half Century Fund and Rick Borry, Ph.D. of One World Solar. BSF will also focus on the origination, development and construction of solar + storage projects to continue the race for a net zero carbon future.

BSF will create community workforce development programs for black minorities and the underserved living in communities near the coal facilities being decommissioned, to ensure the local economy will continue to thrive and those displaced will have continued employment.

BSF will also offer a "solar installation" curriculum in partnership with local community colleges and HBCUs to create opportunities for black minorities to gain employment in the energy industry. (Currently fewer than 8% of black minorities are employed in the energy industry).  BSF intends to conduct this educational program, along with its chosen EPC partner, OSS, at the newly planned OSS headquarter "campus" in Central NC.

Raj Lakha, CEO of Growmore, commented, "We are delighted to partner with Black Sunrise Fund, with its dynamic and unique plans for green energy and social impact in the U.S. The Black Sunrise Fund is headed by two experienced and talented entrepreneurs, namely Brandon Martin and Akon Thiam, who have a solid track record in renewable energy. We are confident that BSF will become a leading player in promoting socially responsible and sustainable investments. So far, investor response has been considerable."

Brandon Martin, CEO of Akon Lighting, stated, "This partnership with Growmore Group is an exciting and very important next step for the Black Sunrise Fund. It was extremely critical for us to find a fund manager whose vision aligned with ours and also has the reputation and track record for delivering large scale capital to address social and environmental issues. We believe that under the leadership of Raj Lakha, the Growmore Group is committed to taking real action when it comes to diversity, equity and inclusion and "together" we will build a cleaner and more equitable future for all."

Akon, Co-Founder and Chairman of Akon Lighting, added, "I am very pleased with the Growmore Group and our partnership to deliver clean energy access to all and to create significant opportunities for black entrepreneurs, vendors and suppliers across the energy industry. I look forward to working with Raj Lakha and the entire Growmore Group as they lead the Black Sunrise Fund in fostering important change that we must have in our world today."

Media Contact:

Amy Satterson - VP Public Affairs
a.satterson@akonlightingamerica.com  

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SOURCE Orbital Energy Group, Inc.; Akon Lighting, Inc.

FAQ

What is the Black Sunrise Fund (BSF) being managed by Growmore Group?

The Black Sunrise Fund is a $5 billion fund focused on connecting the black community with clean energy opportunities and addressing social and income inequality.

How will the Black Sunrise Fund impact the coal industry in the U.S.?

The fund plans to decommission coal plants and transition them to renewable energy sources, contributing to a net-zero carbon future.

What initiatives does the Black Sunrise Fund have for community development?

BSF will create workforce development programs and offer solar installation curriculum for black minorities, aimed at increasing employment in the energy sector.

Who are the main partners involved in the Black Sunrise Fund?

The fund will work with Growmore Group as the fund manager and Orbital Solar Services as the engineering, procurement, and construction partner.

What is the expected duration and financial goal of the Black Sunrise Fund?

The Black Sunrise Fund aims to raise $5 billion over a 50-year period.