News Update: Electric motor-tricycles, solar-powered production, AI combatting air pollution, and more

Oct 20, 2023

Hi Exseeders,

Welcome to our news roundup!

Some highlights:

South African Green Scooter debuts electric motor-tricycle in Dubai.
South African companies, Defy Appliances and Netcare Group, fully embrace renewable energy to power their production and healthcare facilities.
Ugandan startup, AirQo, combats air pollution in African cities through hyper-local air quality data collection and artificial intelligence.

If you have more time, worth a read: The 2023 Africa Sustainable Development Report, released in conjunction with the 78th United Nations General Assembly.

Masdar, founded by the UAE government, to invest $10 billion with the goal of delivering 10 GW of clean energy capacity in Africa by 2030.
First close for Gaia Energy Impact Fund II achieves 50% of final 80mn EUR target.
The IFC and OCP Group, the world's largest phosphate-based fertilizer producer, have launched an agri-finance platform aiming to mobilize $800 million of blended capital by 2030 to support sustainable food production and distribution systems in Africa.
British International Investment Plc and the Netherlands-based ILX Management are planning to co-fund up to $500 million in debt for sustainable development projects across Africa, Asia, and the Caribbean.
Kuramo Capital Management plans to invest $150 million in supporting female-led companies in Africa over the next 10 years.

High interest rates present unique challenges for many African economies as they grapple with rising levels of debt. African countries are paying significantly more in interest on loans than their European counterparts, in part due to distorted assessments by global credit rating agencies.
Africa possesses 40% of the world's renewable energy sources but attracts only 2% due to limited financing, resulting in an annual economic loss of $26.2 billion

Nigeria: Agri-tech company ThriveAgric has partnered with Heifer International to empower 125,000 smallholder farmers with access to financial inclusion. ThriveAgric uses technology to access finance and improve productivity for farmers, helping them sell their products to FMCGs and food processors.
Rwanda: Newly approved farmlands increase calls of Rwandan farmers for investments in agricultural machinery, such as tractors, to increase farming productivity. Rwanda's mechanization program started in 2009 with the goal of increasing agricultural mechanization from 27% to 50% by 2024.
South Africa: SOLshop, an innovative group-buying platform connects small-scale farmers directly with consumers. These platforms enable group purchases streamlining the supply chain, reducing inefficiencies, resulting in lower prices.
Kenya: Solar-powered irrigation systems provider SunCulture has secured a $12 million syndicated credit to expand its production and reach more farmers in need of these services.

South Africa: South Africa's Johannesburg Stock Exchange (JSE) has collaborated with Xpansiv to launch a voluntary carbon market known as JSE Ventures. This initiative will enable local participants to buy or sell carbon credits.
Kenya: Canadian oil firm announced it will invest in carbon-offset projects in Kenya with a preference for nature-based carbon removal projects.

Nigeria: WATT Renewable Corporation is decarbonizing telecom masts in Nigeria by installing hybrid solar systems, with $13 million in financing by Empower New Energy.
Nigeria: How Nigeria’s Lihon Energy is rolling out solar-powered micro-grids to commercial clients
Kenya: HDF Energy is commencing development studies for Kenya's first green hydrogen power plant, combining 180 MW of solar PV with 500 MWh of long-term hydrogen-based storage.
Kenya: First hybrid solar-hydro plant has gone online - a collaboration between Belgian-based hydropower company Hydrobox and Kenyan solar firm SolarNow.
South Africa: Greenshare, a decentralised energy management system company, was selected as the winner of the Energy Investment Village at the Green Energy Africa Summit (GEAS) 2023 held in Cape Town.
South Africa: Netcare Group has entered into a Renewable Energy Supply Agreement with NOA Group Trading to source up to 100% of its purchased electrical energy from renewable sources by 2030, initially covering six facilities with wind and solar energy.
Chad: Proparco is providing a €1.5 million loan to Ziz Energie, a Chadian company that installs and operates solar-powered electricity networks.

Nigeria: MAX, tech-enabled subscription platform, strengthens its position in the transport sector and its mission to reshape mobility in Africa with new leadership appointments.
Kenya: Spiro is expanding to Kenya with its largest deployment yet of 1.2 million electric vehicles. Drivers are offered incentives to swap their existing bikes for electric ones, and they can subscribe to battery-swap stations, where they can quickly switch out depleted batteries for fully charged ones.
South Africa: Green hydrogen pilot fleet launched in South Africa by Anglo American, BMW and Sasol
South Africa: Green Scooter, a South African mobility startup, has been showcasing its electric motor-tricycle solutions at Automechanika 2023 in Dubai.

Nigeria: Koolboks seeks $33mn to construct assembly plant for solar-powered fridges in Lagos, Nigeria
South Africa: Defy Appliances, South Africa’s largest home appliance producer, committed itself to operate its new production units solely on solar energy.
Kenya: Chinese disposable medical device manufacturer, Zhende Medical, is set to construct a factory in Tatu City, a Special Economic Zone in Kenya. Zhende Medical's Kenyan subsidiary, FullCare Medical, is poised to become the largest medical device manufacturer and distributor in East Africa.
Nigeria: Ready-to-use therapeutic food manufacturers ready for global expansion after ramping up technology and manpower

Uganda: AirQo is addressing air pollution in Africa with artificial intelligence. AirQo collects hyper-local air quality data, then translates the information into a mobile app for public awareness and government action.

Exseede - Africa