News Update: Africa's first dedicated gigawatt battery storage manufacturing plant, 'AI First' accelerator, local currency bond, and more
Industry and investment news
Good morning Exseede-Community,
welcome to our update on industry and investment news!
Highlights of our news update include:
🔆 Solar MD began constructing Africa’s first dedicated gigawatt battery storage manufacturing plant in Cape Town
🌍 Google announced a new Africa-focused 'AI First' startup accelerator
💰 BRICS bank’s first-ever bond in South African Rand
Got some more time to spare? Check out this comprehensive study UN Environment Programme just published this week. It's all about Africa's awesome green growth chances – a real deep dive! 🌿📚
😍 Investment news:
The New Development Bank, established by the BRICS bloc, has successfully raised 1.5 billion rand (approximately $79 million) in its first-ever South African bond auction. The auction received significant interest, with more than 2.5 billion rand of bids for the three- and five-year bonds.
Kenyan Ed Partners Africa secures $1.5 million in debt funding from social impact investor Oikocredit to expand loan facilities for educational initiatives, including infrastructure projects, technology integration, and curriculum development.
👎 Why we need to keep pushing:
Nigeria: The rising domestic debt is crowding out private investment in the manufacturing sector, reducing credit availability, and increasing lending rates.
News Update:
🥑 Agriculture/ Food systems:
Tanzania: Organic Growth Ltd.’s cashew processing factory, creating 200 jobs, will allow farmers to process their crops only charging a processing fee. This enables farmers to sell processed cashews at much higher prices.
🌳 Ecosystems
Kenya/Tanzania: Space Intelligence to produce verified maps of Kenya and Tanzania to enhance integrity and transparency in carbon markets targeting deforestation prevention
Ten African sustainability startups have been chosen for the Innovation for Ecosystem Restoration Africa 2023 program by Village Capital, supported by Moody's Foundation, with a focus on addressing deforestation, land degradation, water scarcity, biodiversity loss, and climate change.
Carbon capture: Brilliant Planet leases land in southern Morocco to cultivate algae, which absorbs CO2 and emits oxygen through photosynthesis sequestering carbon for extended periods. (I know, neither in sub-Saharan Africa, nor an African company - but still worth sharing due to the interesting tech. 😉)
💡 Energy and infrastructure
South Africa: Solar MD has begun construction on Africa's first dedicated gigawatt battery storage manufacturing plant in Cape Town, with plans to produce lithium-ion battery storage for residential, commercial, and utility-scale applications.
Namibia: Hyphen Hydrogen Energy and ITOCHU Corporation have signed a Memorandum of Understanding to explore collaboration on sub-Saharan Africa's largest green hydrogen project, focusing on green ammonia production with the potential to supply the Japanese market.
South Africa: Harmony Gold Mining Company has successfully commissioned a 30 MW solar PV plant, supplying green energy to mining shafts; the company is preparing for Phase 2 of the renewable energy program, which will add 137 MW of renewable energy capacity.
💻 Digital transformation
AI: Google announced the 'Google for Startups Accelerator: AI First' initiative to promote the adoption of AI in Africa. The program offers a 10-week accelerator to startups based in Africa or developing Africa-centric AI solutions.
Do you have feedback for us? Please let us know! We’d love to hear from you!
Best,
Carolin
for the Exseede Team