News Update: $4bn for African energy projects, sustainable aviation fuel, diagnostic manufacturing, and more
Industry and Investment News
Hi all,
it’s time for our news roundup!
Lots of developments around energy, industrialization and e-mobility have dominated African news in the past 2 weeks. Here are some of my highlights:
Germany pledges to invest $4 billion in African energy projects by 2030 aiming to import significant volumes of green hydrogen in the future
Zimbabwe is moving to become one of the first African countries to produce sustainable aviation fuel
Uganda inaugurated sub-Saharan Africa’s first cutting-edge diagnostic manufacturing facility

Investor news
😍 Good News:
Camco Fund to mobilize $1.6 billion to invest in African mini-grids and home solar
Several African countries are setting up green climate banks; Rwanda to start lending to climate projects in 2024
German chancellor Scholz pledges EUR 4 billion investment in Africa green energy projects by 2030 noting Germany will need to import green hydrogen from Africa to achieve its net zero goals
UAE powers Africa's sustainable future with investments of over $12 billion to date in development projects and renewable energy
Aduna Capital launches $20 million fund to invest in Northern Nigeria and female founders
Africa Go Green Fund reaches 60% of final goal with interim close
Meet the 15 SME beneficiaries of the Google Hustle Academy N75m fund
👎 Challenges:
African currencies are the worst performers in the world this year, with about a dozen sliding at least 15% against the dollar.
G20-Lead Africa summit stresses colossal investment need as investments are falling “far short” of the record $53 billion reached in 2017-18.
Industry News
🥑 Agriculture/ Food systems:
Kenya: Africa fertilizer financing mechanism commits more than $2 milltion to Apollo Agriculture Ltd to distribute fertilizers to smallholder farmers
Zimbabwe: Horticultural sector is recovering, targets $1bn exports by 2030 with investment in the production of blueberries and macadamia nuts
TomorrowNow secures additional USD 5 mn grant from the Bill and Melinda Gates Foundation to boost weather and climate data services in Africa
🌳 Ecosystems
Rwanda: Launch of green hospital initiative to plant 2 million trees in and around health facilities
Africa Go Green Fund announces strategic financing of $10 million to BURN Manufacturing to distribute clean cookstoves in Mozambique, Nigeria and the DRC.
💡 Energy and infrastructure
Hydrogen
Namibia: Backed by the EU, Namibia is set to become a major exporter of green hydrogen. Opaque tender processes raise concerns though.
Rome, Berlin plan massive hydrogen pipeline to Africa by transforming gas pipelines in to import 10 million tonnes of hydrogen by 2030
5 green hydrogen markets to watch in Africa in 2024: Mauritania, Namibia, South Africa, Egypt and Morocco
Solar
Rwanda: Triodos and OikoCredit finance $10 mn for Arc Power’s solar mini-grids implemented mainly in rural communities
South Africa: M-KOPA launches Pay-As-You-Go solar solutions in South Africa commencing its expansion, 5 months after financing round of $250mn
Zambia: Oikocredit extends credit line of $2mn to RDG collective, a provider of pay-as-you-go off-grid solar solutions
Nigeria: Power Minister announces $2.2 billion deal with Sun Africa to deliver solar PV power generation infrastructure and battery energy storage systems
Other
Kenya: KenGen to implement pilot battery energy storage system to store surplus geothermal and renewable energy and enhance electricity stability
New Worldbank program ASCENT expected to accelerate clean energy access for 100 million people by 2030
Zimbabwe: Plans to construct first utility geothermal power plant to reduce reliance on hydropower which is under threat due to climate change
🚕 Mobility and transport systems
Kenya: Powerhive announces strategic partnership with Mobius Motors to boost local assembly of e-motorcycles in Kenya
South Africa: DHL partners with Volkswagen to test its e-van ID.Buzz cargo fleet in last-mile delivery
South Africa: Takealot, SA’s leading online store, goes green with adoption of electric trucks
Zimbabwe: NRZ opens railway infrastructure to private players to address capacity challenges
🏭 Industrialisation
Zimbabwe: Zimbabwe is taking firm steps to become one of the first African countries to produce sustainable aviation fuel
Uganda: Inauguration of cutting-edge diagnostic manufacturing facility - the first of its kind in sub-Saharan Africa
Rwanda: The country positions itself as a proof-of-concept hub for drone operations with a Drone Operation Centre set to start operating next year
Angola: The mining sector is developing an action plan for the country to achieve self-sufficiency in fertiliser production
South Africa: Polymer supplier Vesconite Bearings makes substantial progress in sustainable manufacturing with adoption of solar energy
🐳 Ocean economy
Kenya: Fish farming platform, Aquarech, raised $1.7 mn in a round led by Aqua-Spark to further the vertical integration of its technology
Africa is not yet harnessing its Blue Economy potential experts say, African ocean economy predicted to generate $405 billion by 2030
💻 Digital transformation
Rwanda: New platform Job Flex to link global employers with talented Rwandan freelancers
Kenya: The government signed a Memorandum of Understanding with Microsoft to adopt a cloud-first strategy in its digital transformation
Kenya: Government launches digital reporting and monitoring tool “Project BETA” to assess and track the implementation, progress and performance of projects.
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Thanks for reading,
Carolin