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UAE Pledges $4.5 Billion to Help Africa Transition to Clean Energy

Key Developments

UAE Pledges $4.5 Billion to Help Africa Transition to Clean Energy

The United Arab Emirates (UAE) has pledged $4.5 billion to help African countries transition to clean energy.
 
 

The announcement was made by the UAE’s Minister of Energy and Infrastructure, Suhail Al Mazrouei, at the Africa Climate Summit in Nairobi, Kenya.

The investment will support a wide range of clean energy projects in Africa, including solar, wind, and hydropower.

It will also be used to develop energy storage technologies and promote energy efficiency measures.

The UAE’s investment is a significant boost for Africa’s clean energy sector.

The continent is home to some of the world’s best solar and wind resources, but it has struggled to develop these resources due to a lack of funding.

The UAE’s investment will help to unlock Africa’s clean energy potential and contribute to the continent’s efforts to combat climate change.

The UAE is not the only country that is investing in clean energy in Africa. Other countries, such as the United States, China, and the European Union, have also pledged billions of dollars to support Africa’s clean energy transition. This growing investment is a sign of the increasing importance of clean energy in Africa and the world.

The UAE’s investment also reflects the country’s commitment to clean energy. The UAE has set a goal of generating 44% of its electricity from
clean sources by 2050.

The country has already made significant progress towards this goal, and the investment in Africa will help to accelerate the transition to clean energy.

In addition to the $4.5 billion investment, the UAE also announced at the Africa Climate Summit that it would join the Africa Carbon Markets Initiative (ACMI).

The ACMI platform aims to create a market for carbon credits in Africa. The UAE’s participation in the ACMI will help to support the development of carbon markets in Africa and help the continent meet its climate goals.

The UAE’s commitment to clean energy in Africa is a significant step forward for the continent.

The investment will help to accelerate Africa’s transition to clean energy and contribute to the fight against climate change. It is also a sign of the UAE’s growing leadership on climate change issues.

The UAE’s investment in clean energy in Africa is a positive development for the continent and the world. It is a sign of the UAE’s commitment to clean energy and its willingness to play a leading role in the fight against climate change.

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Okra Secures $12 Million Series A to Power Mesh-Grid Electrification in Africa

New Investments

Okra Secures $12 Million Series A to Power Mesh-Grid Electrification in Africa

Okra, a solar technology company bringing solar power to grids in developing areas, has raised $12 million in Series A funding.
 
 
 

The round was led by One Ventures, with participation from FMO, Susquehanna Private Equity Investments LLP, Autodesk Foundation and King Philanthropies.

Okra’s technology uses a mesh-based solar solution that re-apports excess energy based on proximity.

This means that rather than redirecting energy flow to a centralized area, it prioritizes neighboring homes. This helps increase efficiency while decreasing costs, which are especially important in developing markets.

The company plans to use the funding to expand its operations in India and Africa. It also plans to develop new products and services that will help to make solar power more affordable and accessible to people in developing areas.

Okra’s technology has the potential to make a significant impact on the global energy landscape.

The funding from One Ventures and other investors will help Okra to scale its operations and reach more people with solar power.

With this new funding, Okra is well-positioned to make a significant impact on the global energy landscape.

The company is poised to bring solar power to millions of people who currently lack access to electricity, and it is helping to make the future of energy clean and decentralized.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Nigerian Startup Itana to Create Africa’s First Digital Free Zone Following $2M Pre-Seed Funding

Key Developments

Nigerian Startup Itana to Create Africa's First Digital Free Zone Following $2M Pre-Seed Funding

Itana, a Nigerian startup that is building Africa’s first Digital Free Zone, has raised $2 million in pre-seed funding.
 
 

The round was led by global venture capitalists LocalGlobe, Amplo, Pronomos Capital, and Future Africa.

Itana’s Digital Free Zone will be a physical and virtual space that will offer businesses a range of benefits, including:

  • A stable policy environment
  • Tax and capital repatriation incentives
  • The freedom to operate remotely
  • Access to a global network of talent and investors

The funding will be used to develop the Itana Digital Free Zone, as well as to grow the company’s team and launch its digital residency program.

The startup is on a mission to empower entrepreneurs to establish a highly esteemed business within Nigeria’s inaugural digital-free zone.

“Within the Itana digital free zone, startups will have the benefit of a stable policy environment, tax and capital repatriation incentives and the freedom to operate remotely without the need for an expansive physical presence within the free zone. I’m looking forward to the global businesses from Nigeria that will emerge from this,” founding investor Iyinoluwa Aboyeji was quoted as saying.

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Google Names Alex Okosi as Managing Director for Africa

Key Developments

Google Names Alex Okosi as Managing Director for Africa

Google has announced the appointment of Alex Okosi as Managing Director for Africa.
 
 

Okosi will lead Google’s business globally, including its advertising, cloud, and hardware products and services.

He is a seasoned media and entertainment executive with over 20 years of experience.

He joins Google from MultiChoice Group, where he was the Managing Director for Nigeria and West Africa. In this role, he was responsible for the company’s pay-TV, video-on-demand, and digital businesses.

Prior to MultiChoice, Okosi held senior positions at MTV Networks Africa, Sony Pictures Television, and the International Broadcasting Trust. He is a graduate of the University of Lagos and holds an MBA from the Lagos Business School.

“I am excited to join Google and to be part of the team that is making a difference in the lives of Africans,” said Okosi. “I look forward to working with our partners and customers to bring the power of technology to everyone on the continent.”

Okosi’s appointment is a significant move for Google as it seeks to expand its presence in Africa.

The continent is home to over 1.2 billion people, and Google is committed to making its products and services available to everyone.

In addition to his experience in the media and entertainment industry, Okosi is also a strong advocate for developing the African tech ecosystem.

He is a member of the board of directors of the Lagos Business School and the African Business Roundtable.

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Catalyst Fund Closes $40 Million Fund to Back Next Generation of African Climate-Tech Startups

New Investments

Catalyst Fund Closes $40 Million Fund to Back Next Generation of African Climate-Tech Startups

The Catalyst Fund, a pre-seed venture capital fund and accelerator focused on driving climate resilience innovation in Africa, today announced the successful first closing of its $40 million fund.
 
 

The first close was oversubscribed, with commitments from FSD Africa Investments (FSDAi), Cisco Foundation, USAID Prosper Africa, and Andrew Bredenkamp.

With the backing of JPMorgan Chase & Co and the Global Environmental Facility, Catalyst Fund also strives to deliver dedicated support for measuring and researching the impact on climate innovators.

Additionally, it aims to disseminate valuable insights and knowledge while facilitating partnerships through its Ecosystem Hub.

Focusing strategically on solutions within agri-tech, fishery management, food systems, insurtech, climate fintech, cold chain, waste management, and water management, Catalyst Fund is expediting sustainable green growth.

The primary emphasis is on solutions that empower communities to enhance their preparedness and management of shocks, adapt their livelihoods to climate impacts, and foster long-term resilience.

The $40m fund is set to back 40 pre-seed startups, with a particular focus on supporting mission-driven local and women founders.

It will provide crucial early-stage capital while offering tailored venture-building support to accelerate the growth of these startups.

Importantly, Catalyst Fund’s commitment extends beyond the initial stage, as it pledges to offer follow-on capital during the seed and Series A rounds.

By bridging this critical funding gap, Catalyst Fund addresses a significant hurdle for climate-focused ventures in Africa, positioning them for further funding at the growth stage, specifically Series B.

The Catalyst Fund is expected to have a major impact on the development of climate tech in Africa.

The fund will help to accelerate the growth of the climate tech ecosystem in Africa and create new opportunities for job creation and economic growth.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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