Clean energy provider Husk Power Systems launches its minigrids in Nigeria

NIGERIA – Husk Power Systems, the rural clean energy services leader in Africa and Asia, has launched its first six solar hybrid minigrids in Nigeria, located in Nasarawa State. It is the first time that a company has rolled out multiple minigrids at one time under the Nigerian Electrification Project (NEP), an initiative funded by the World Bank and the African Development Bank and implemented by the Rural Electrification Agency (REA). Husk Power established its presence in Nigeria in early 2020, and its Abuja-based team has grown to more than…

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Spotify selects integrated marketing agency Irvine Partners to manage its operations in Africa

AFRICA – Spotify, the audio streaming company, has selected Irvine Partners, a multi-national public relations and integrated marketing agency, to manage Spotify communications in Sub-Saharan Africa. They commenced work last month, heading up all PR activities in Nigeria, Ghana, Kenya, Uganda, and Tanzania. Spotify is the world’s most popular audio streaming subscription service, with a community of more than 356 million monthly active users and 158 million Premium subscribers. With a presence in 178 markets, and more than 70 million tracks (including 2.6 million podcast titles), it has transformed the…

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Electric motorcycle company Ampersand secures US$9m from DFC to boost its operations

RWANDA – Ampersand Rwanda Ltd, Africa’s first electric mobility and financing company, has received a US$9 million credit facility from the U.S. International Development Finance Corporation (DFC) to help boost its operations in Rwanda and Kenya. This credit facility adds to Ampersand’s US$4 million financing from the venture capital fund Ecosystem Integrity Fund (EIF) and Total Energies in April. By 2022, the Rwandan mobility startup hopes to produce “thousands of electric motorcycles” for sale on the Rwandan and Kenyan markets. This is its first operation in Africa in the field…

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Eskom secures US$57m loan from AfDB to harness battery storage technology

SOUTH AFRICA – The African Development Bank (AfDB) approved US$57.67 million loan to Eskom, South Africa’s public electricity utility, to harness battery storage technology that will increase electricity generation from reliable and efficient renewable energy sources. The Bank’s financing, a concessional loan, will come from the Clean Technology Fund, a multi-donor trust fund under the Climate Investment Funds. The pioneering Battery Energy Storage Systems Project is being co-financed with the World Bank and the New Development Bank.  The project involves the development of 200MW of battery storage with four hours…

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Mobility startup Opibus secures US$7.5m grant fund to scale its operation

KENYA – Opibus, an electric mobility startup, has raised US$7.5 million in equity and grant funding to help it scale its operations in electric motorcycle and bus manufacturing. The funding round was led by Silicon Valley fund At One Ventures, and further supported by Factor[e]Ventures and Ambo Ventures. It consists of US$5 million in equity and US$2.5 million in additional grants, totaling to US$7.5 million. The investments will be used to prepare for scale up and mass manufacture of vehicles, beginning next year. “We are proud to be backed by…

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Fintech company E-Settlement acquires electronic payment company QuickCash

NIGERIA – E-Settlement (E-SL), a Nigerian fintech group of companies, has acquired QuickCash, an Ivorian electronic payment and money transfer company, to expand and boost last-mile access to financial services in Francophone African countries like Côte d’Ivoire, Burkina Faso, Niger, Togo and more. E-SL said this deal will extend its payment service footprint across the continent and grow the group’s agent banking network to 200,000 agents by the end of 2022. “QuickCash is deepening access for agricultural-dominated areas, rural populations, the underbanked and unbanked: the disproportionately financially excluded,” Olaoluwa Awojoodu,…

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Kenya’s Twiga clinches US$50m to expand offering with launch of own branded products, boost traceability

KENYA – Twiga Foods, a Kenyan based business to business food distribution company, has closed its US$50 million Series C funding round, aimed to scale its efforts in the East African nation and other neighbouring countries. The funding round was led by private equity firm Creadev and saw participation from repeat investors such as Arica-focused firms TLcom, IFC Ventures, DOB Equity, and Goldman Sachs’ spinoff Juven. First-time investors OP Finnfund Global and Endeavor Catalyst Fund participated as well. According to reports by TechCrunch, Twiga plans to use part of the funding…

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