News Update: >$100mn funding in mobility, e-choppers, solar farms and more
Industry and investment news
Hi Exseede-Community,
welcome to our update on industry and investment news in Sub-Saharan African economies. Our focus? All things related to the 9 priority areas identified by the African Union to combat climate change.
😍 Investment news we love:
The Multilateral Investment Guarantee Agency, a subsidiary of the World Bank Group, is providing an $18.9 million guarantee to BTE Renewables for their equity investment in a 75 MWp solar photovoltaic power plant in South Africa's Northern Cape province.
South African Knife Capital has concluded its $50 million Series B fund, Knife Fund III, aimed at supporting the expansion of South African B2B technology companies with high-growth potential and impact.
The European Union has provided an additional €25 million in funding to the UNs' Food and Agriculture Organization for the extension and expansion of the Sustainable Wildlife Management program as part of the NaturAfrica EU biodiversity conservation initiative.
👎 Why we need to keep pushing:
African start-up funding this July declined by almost 50% year on year. East Africa received most funds with ~40%, followed by Central Africa with ~30%. For a more comprehensive breakdown, click here.
News Update:
🥑 Agriculture/ Food systems:
Nigeria: Bühler is establishing the Grain Processing and Innovation Center in Kano, northern Nigeria, with the goal of supporting local food producers in creating safe and affordable foods using regional grains such as sorghum, millet, maize, soybeans, and cassava.
💡 Energy and infrastructure
Namibia: InnoSun Energy Holdings, a subsidiary of French company InnoVent, is commencing the construction of a 9.8 MW solar farm in Trekkopje, Namibia, aiming to supply clean electricity to Orano's desalination plant in the Erongo region.
Côte d’Ivoire: The financial closing of the Biovea 45MW Ayébo biomass plant in Côte d’Ivoire could be a significant advancement for utility-scale biomass in countries with substantial agro-industries, offering dispatchable electricity and job opportunities, despite challenges like feedstock sourcing.
🚕 Mobility and transport systems
Benin: Africa's leading electric motorbike manufacturer, Spiro, has secured $63 million in financing through a partnership with Societe Generale and GuarantCo to expand its electric motorcycle fleet and infrastructure, including batteries and swap stations, in Benin and Togo.
Nigeria: UAE's Mubadala Investment Company has led a $76 million funding round for Moove, a Nigerian mobility fintech providing vehicle financing to ride-hailing drivers. Moove aims to expand globally and enhance financial services for underserved markets.
Kenya: Sibomana Athanase designs and builds chopper electric bikes using locally sourced materials in Nairobi. His innovative designs, including the three-wheeled pavik bike 24 and the Longo motorbike, utilize rechargeable batteries and an integrated electric motor, offering cost-effective alternatives for mobility.
An electric-powered bicycle on display at Sibomana Athanase workshop in Kayole, Nairobi on August 1, 2023. PHOTO | LUCY WANJIRU | NMG
💻 Digital transformation
South Africa: SAP Africa and EPI-USE have inaugurated the first AppHaus in Africa. Situated in Pretoria, the AppHaus offers a human-centric environment for innovation, enabling African organizations to develop inventive solutions with the support of EPI-USE's expertise and SAP's technology.
Do you have feedback for us? Please let us know! We’d love to hear from you!
Best,
Carolin
for the Exseede Team