Tag: Startup News

The Sustainable Energy Fund for Africa (SEFA), a trust fund administered by the African Development Bank, has pledged $8 million as part of a broader $26.5 million financing arrangement for the 32-megawatt-peak (MWp) Ilute Solar Project in Zambia.

South African startup Open Access Energy (OAE) has successfully closed an oversubscribed seed funding round worth $1.8 million, aimed at fast-tracking the growth of its AI-powered platforms that support digital energy infrastructure and real-time electricity trading.

The International Finance Corporation (IFC) has unveiled a significant financing deal to advance Egypt’s transition to sustainable energy, with a $72 million loan package for the nation’s inaugural utility-scale battery energy storage system (BESS).

South African solar-as-a-service company Wetility has raised ZAR500 million (US$27.8 million) through a structured capital partnership with Jaltech to boost access to clean, affordable energy across the country.

The British International Investment (BII), the African Development Bank (AfDB), and the European Bank for Reconstruction and Development (EBRD)—have pledged a combined $479.1 million to Obelisk Solar Power, a project vehicle owned by renewable energy company Scatec.

Octane, a fintech firm specializing in digital payment solutions for fleet operations, has successfully raised $5.2 million in a funding round aimed at accelerating its regional growth and technological development.

DisrupTech Ventures, a fintech-focused investment firm based in Egypt, has made its first investment outside Egypt by backing Nigerian startup Winich Farms. The funding is part of Winich’s pre-Series A round.

Nigerian mobility fintech Moove is seeking to raise $300 million in equity funding, a move that could elevate its valuation beyond $1 billion, positioning it among Africa’s unicorn startups.

CrossBoundary Access and ANKA have entered into a $20 million agreement to set up and manage a series of solar-powered mini-grids in Madagascar.