EverSource Capital’s $1-B second fund gets commitment from US DFC

Mumbai-based EverSource Capital ’s second fund has received an equity commitment from United States International Development Finance Corp (DFC). The fund, aiming at a corpus of USD 1 Billion, is expected to be launched in 2025.The new fund would focus on energy storage and will back businesses that tackle a pressing challenge in the sector – grid instability caused by the growing share of solar and wind power.The fund aims to support companies involved in static battery storage, mobile batteries for electric vehicles, and backup power solutions for commercial buildings and industries, particularly in Tier 2 and Tier 3 cities where load-shedding is frequent.EverSource is a joint venture between Everstone Capital and UK-based Lightsource BP.