Category: Key developments

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BasiGo to Spearhead Rwanda’s Electric Mobility Revolution with the Introduction of Electric Buses

Key Developments

BasiGo to Spearhead Rwanda's Electric Mobility Revolution with the Introduction of Electric Buses

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Rwanda’s vision for a greener and more sustainable future takes a giant leap forward as BasiGo, a renowned electric vehicle manufacturer, announces its plans to bring electric buses to the streets of Rwanda.

In a transformative move towards eco-friendly public transportation, the collaboration between BasiGo and the Rwandan government promises to revolutionize the country’s mobility landscape and significantly reduce carbon emissions.

BasiGo’s entry into the Rwandan market marks a significant milestone in the country’s journey towards embracing clean energy alternatives.

The introduction of electric buses will play a pivotal role in advancing Rwanda’s commitment to environmental conservation, aligning perfectly with the nation’s ambitious sustainability goals.

With an unwavering focus on environmental preservation, the electric buses from BasiGo will operate as emission-free vehicles, significantly reducing air pollution and improving urban air quality.

BasiGo’s electric buses are equipped with cutting-edge battery technology that ensures extended ranges on a single charge, making them perfectly suited for Rwanda’s diverse urban landscape.

Passengers will experience a seamless and comfortable ride, all while knowing they are contributing to a cleaner and more sustainable environment.

The partnership between BasiGo and the Rwandan government aims to empower the country’s public transportation system with reliable, efficient, and eco-conscious solutions.

By introducing electric buses, the collaboration seeks to create a positive impact on the lives of Rwandans, offering a modern and environmentally responsible travel experience.

Recognizing the need for a robust charging infrastructure, BasiGo will invest substantially in setting up charging stations across strategic locations in Rwanda.

This extensive charging network will ensure that electric buses have ample access to charging points, providing a seamless transition to electric mobility.

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Mastercard teams up with Nigerian B2B e-commerce platform Alerzo to digitize African SMEs

Key Developments

Mastercard teams up with Nigerian B2B e-commerce platform Alerzo to digitize African SMEs

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Mastercard has partnered with Alerzo, a fast-growing Nigerian startup based in Lagos, to digitize African SMEs.

The collaboration aims to drive financial inclusion and support the growth of Small and Medium-sized Enterprises (SMEs) through digital transformation.

The partnership between Mastercard and Alerzo seeks to address the challenges faced in accessing financial services and embracing digital technology.

SMEs play a crucial role in Africa’s economic development, but many of them have been constrained by limited access to formal financial services, hindering their growth potential.

Through this alliance, Mastercard and Alerzo aim to empower SMEs with the necessary tools and resources to harness the benefits of digitization fully.

By digitizing their operations, SMEs can enhance efficiency, reach a broader customer base, and streamline their financial transactions, ultimately driving growth and contributing to economic prosperity.

Alerzo has developed a comprehensive suite of digital financial services explicitly tailored for African SMEs. These services include digital payments, invoicing solutions, inventory management, and data analytics, all designed to simplify business operations and enhance financial transparency.

The strategic partnership will enable Alerzo to leverage Mastercard’s vast global network and expertise in digital payments to scale its offerings and reach a more extensive SME audience across Africa.

Through the digital solutions offered by Alerzo and Mastercard, SMEs will gain better access to formal financial services, enabling them to build credit histories and access credit facilities, which are essential for business growth.

As more SMEs adopt digital tools for their business operations, the overall business landscape in Africa is expected to become more vibrant and dynamic.

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Solar energy company Starsight Energy secures $20 million to power East Africa with solar energy

Key Developments

Solar energy company Starsight Energy secures $20 million to power East Africa with solar energy

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Starsight Energy, one of the leading solar energy solutions providers, has secured a $20 million investment.

The funding injection aims to accelerate the expansion of clean energy access across the East Africa region and marks a significant milestone in the company’s mission to drive sustainability and economic growth.

The company specializes in providing comprehensive, sustainable, and technologically advanced solar energy solutions to businesses, industries, and communities in the region.

The $20 million investment comes from a consortium of international investors, including the Netherlands Development Finance Company (FMO) and the Global Climate Partnership Fund (GCPF).

The funding demonstrates growing confidence in the potential of East Africa’s renewable energy sector and the significant impact Starsight Energy can have on the region’s economic and environmental sustainability.

With this substantial investment, Starsight Energy is poised to scale up its operations and expand its solar energy infrastructure across East Africa.

The company plans to use the funds to deploy more solar energy systems in key industries such as manufacturing, telecommunications, and healthcare, as well as in rural and underserved communities.

Starsight Energy’s expansion plans not only promise to provide access to reliable and sustainable energy but also offer a substantial boost to local economies.

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Investment platform Africa50 and the International Solar Alliance partner to finance solar energy in Africa

Key Developments

Investment platform Africa50 and the International Solar Alliance partner to finance solar energy in Africa

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Africa50, an investment platform that finances infrastructure projects in Africa, and the International Solar Alliance (ISA), an intergovernmental organization that promotes solar energy in developing countries, have signed a partnership agreement to finance solar energy projects in Africa.
 

The partnership agreement will see Africa50 and ISA work together to identify, develop, and finance solar energy projects in Africa. Africa50 will provide the financial resources for the projects, while ISA will provide technical assistance and expertise. The partnership is a significant step forward in developing solar energy in Africa.

 

Solar energy is a clean, renewable energy source that has the potential to provide reliable and affordable electricity to millions of Africans who currently lack access to electricity.

The partnership between Africa50 and ISA is a significant development in the global fight against climate change. Solar energy is a vital part of the solution to climate change, and this partnership will help to make it more affordable and accessible to developing countries. The partnership is also a major boost for the African economy, with the development of solar energy in Africa expected to create jobs, boost economic growth, and reduce poverty. It will also help to accelerate the deployment of solar energy, improve access to energy, and create jobs.

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Zambian solar energy company MySol raises $7.7 million to elecrify 40,000 people with solar energy

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Zambian solar energy company MySol raises $7.7 million to elecrify 40,000 people with solar energy

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Zambia-based solar energy company, MYSOL, has secured $7.5 million in funding to accelerate the deployment of off-grid solar electrification projects across the country.
 

The investment will be used to expand MYSOL’s operations and provide clean, reliable, and affordable electricity to underserved communities in rural areas of Zambia. The African Development Bank’s Facility Energy Inclusion (FEI), which is on a mission to provide flexible, sustainable, and efficient financing to support the expansion of the energy sector in Africa, led the funding.

MYSOL aims to leverage the funds to increase its solar energy capacity and extend its reach to areas that currently lack access to electricity. The company’s off-grid solar solutions offer a sustainable alternative to conventional power sources, especially in remote regions where grid infrastructure is limited or absent. With the new investment, MYSOL plans to install mini-grids, solar home systems, and solar-powered water pumps, catering to the diverse energy needs of rural communities.

The company hopes to improve living conditions by providing clean electricity, stimulating economic growth, and enhancing educational opportunities in these areas. The Zambian government has been actively promoting renewable energy to address the energy access gap and reduce dependence on fossil fuels.

Zambia has abundant solar resources, making it an ideal location for solar energy projects. MYSOL’s initiatives will contribute to reducing carbon emissions, foster the development of a green economy, and create employment opportunities in the renewable energy sector.

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AI company Flapmax launches program to help African startups scale up and raise capital

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AI company Flapmax launches program to help African startups scale up and raise capital

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Flapmax, a pan-African technology company, has launched the second edition of its Fast Accelerator Program designed to empower African startups.

The program, which is open to startups from all over the continent, will provide participants with access to mentorship, training, and funding opportunities.

The program will be delivered by a team of experienced entrepreneurs and investors, including Flapmax CEO and Founder, Femi Kuteyi.

Participants will learn how to build and scale their businesses, as well as how to raise capital. They will also have the opportunity to pitch their businesses to a panel of investors at the end of the program.

Founded in 2016, Flapmax is on a mission to empower Africans to achieve their full potential through technology.

Headquartered in Lagos, Nigeria, the company has raised over $10 million in funding from investors such as Y Combinator, 500 Startups, and Golden Gate Ventures.

The launch of the Flapmax Fast Accelerator Program is a significant development for the African startup ecosystem.

The program provides startups with the opportunity to learn from experienced entrepreneurs and investors, as well as to access much-needed investment opportunities.

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Invest International injects $10.8M in uMunthu II Fund to support African SMEs

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Invest International injects $10.8 million in uMunthu II Fund to support African SMEs

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Invest International, a leading investment firm, has made an investment of $10.8 million in the Umunthu II Fund to support African Small and Medium Enterprises (SMEs).
 

The Umunthu II Fund specializes in identifying and investing in high-potential SMEs across various sectors.

By providing capital, strategic guidance, and mentorship, the fund aims to unlock the growth potential of African businesses and contribute to their long-term success.

Invest International’s investment in the Umunthu II Fund will significantly bolster its resources, enabling the fund to extend its support to a broader range of SMEs and fuel their expansion.

The funds will be utilized to provide equity investments, working capital, and capacity-building initiatives, enabling SMEs to scale, innovate, and create sustainable jobs.

The partnership between Invest International and the Umunthu II Fund showcases the commitment of both entities to fostering entrepreneurship and driving economic growth in Africa.

By channeling resources and expertise towards SMEs, the investment will play a pivotal role in addressing the financing gap faced by many African businesses, allowing them to seize opportunities, drive innovation, and contribute to the continent’s economic prosperity.

Invest International’s decision to invest in the Umunthu II Fund is rooted in the recognition of the immense potential and resilience of African SMEs and aligns with its mission to unlock opportunities, create value, and support sustainable development in emerging markets.

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Nuru, a leading renewable energy company, has secured over $40 million in funding to expand its efforts in providing access to clean and sustainable energy solutions

Key Developments

Nuru, has received funding of over $40 million to scale its renewable energy business in the DRC

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Nuru, a leading renewable energy company, has secured over $40 million in a Series B equity funding round. Nuru, a leading renewable energy company, has secured over $40 million in a Series B equity funding round.
 

This significant investment will empower Nuru to expand its efforts in providing access to clean and sustainable energy solutions in DR Congo, heralding a new era of progress and environmental stewardship. The funding round was led by prominent international investors, including the IFC – International Finance Corporation, The Global Energy Alliance for People and Planet (GEAPP), the REPP (Renewable Energy Performance Platform), Proparco, E3 Capital (formerly Energy Access Ventures), Voltalia, The Schmidt Family Foundation, Gaia Impact Fund, and the Joseph Family Foundation.

 

Founded in 2015, Nuru has emerged as a frontrunner in the renewable energy landscape, leveraging innovative technologies to deliver affordable and reliable energy solutions to underserved communities in the DRC. With this latest funding injection, Nuru is poised to accelerate its operations and make substantial strides in expanding renewable energy access, particularly in remote areas where traditional energy infrastructure is limited.

 

The investment will be utilized to bolster Nuru’s existing operations, including the deployment of additional solar power systems, the establishment of mini-grids, and the implementation of energy storage solutions. Nuru aims to address the diverse energy needs of communities, supporting households, businesses, and public institutions with reliable and sustainable power sources by adopting this multi-faceted approach,

 

As Nuru sets its sights on scaling up its operations, the Series B funding marks a turning point in the quest for widespread renewable energy access in the DRC. It serves as a beacon of hope, showcasing the potential of innovative solutions to address energy poverty while mitigating climate change’s adverse effects.

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Eastcastle, a telecom infrastructure provider, gets $60 million investment from IFC to accelerate digital connectivity in DRC

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Eastcastle, a telecom infrastructure provider, gets $60 million investment from IFC to accelerate digital connectivity in DRC

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EASTCASTLE INFRASTRUCTURE LIMITED, one of the leading telecom infrastructure providers, has secured a $60 million investment from the IFC – International Finance Corporation.
 

The funding will be utilized to expand EastCastle’s telecom towers network across the Democratic Republic of Congo (DRC), bolstering connectivity and improving access to telecommunications services in the country. EastCastle has been at the forefront of providing reliable and efficient telecom infrastructure solutions in the DRC, where access to telecommunications services remains a significant challenge due to geographical constraints and limited infrastructure.

 

With this new investment, EastCastle aims to bridge the digital divide by expanding its network of telecom towers, which will enhance connectivity and facilitate the delivery of affordable and high-quality telecommunications services to previously underserved areas. The $60 million investment from IFC comes at a critical time when the DRC is experiencing rapid growth in mobile phone usage and demand for reliable network coverage.

 

The expansion of EastCastle’s telecom towers network will contribute significantly to meeting this growing demand, especially in remote and rural areas where connectivity has traditionally been scarce. As EastCastle prepares to expand its telecom towers network, the company will collaborate closely with local communities, mobile network operators, and relevant stakeholders to ensure the efficient deployment and maintenance of the infrastructure.

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