Latest news with #TransformingEnergyAccess
Business Wire
4 days ago
- Business
- Business Wire
500 Global Launches Sustainable Innovation Program Backed by Catalytic Partners
SAN FRANCISCO--(BUSINESS WIRE)--500 Global, one of the world's most active venture capital firms 1, announced today the launch of its Sustainable Innovation Program, an initiative designed to support mission-driven founders building commercially viable solutions to sustainability challenges across the global south. The true opportunity is within the initiative's potential to mobilize mission-aligned capital and drive venture development across nascent and emerging ecosystems throughout the global south, creating lasting impact at scale. Share Rooted in the belief that the next generation of global growth will be driven by sustainable, inclusive innovation rooted in local leadership, the Sustainable Innovation Program brings together strategic capital, multilateral partnerships, and deep domain expertise to help entrepreneurs scale ventures that deliver both market returns and measurable impact. Their catalytic partner is the Shell Foundation, with co-funding from the UK Government as part of its Transforming Energy Access (TEA) platform and Catalysing Agriculture by Scaling Energy Ecosystems (CASEE) programme. This is the first of these partnerships focused on investing in human capital across agriculture, energy, mobility, and the built environment. ' Through our Sustainable Innovation Program we are supporting commercially viable solutions to critical challenges. We are backing founders who are building businesses that strengthen their communities and scale real impact. Our goal is to support these founders, and our partners, in our shared ambition to create, solve, scale, and sustain inclusive, regenerative societies, to embed values into value creation, and to leverage new partnerships that reshape both regional and global ecosystems for good, ' said Dr. Alaa Murabit, Managing Partner, Sustainable Growth, 500 Global The initiative launches with the Sustainable Innovation Seed Accelerator in Nairobi—an intensive 8-week program for seed-stage startups across Africa. 500 Global will provide participating startups with mentorship and a global network of partners, investors, and operators. 500 Global has been committed to ecosystem development and invested in individuals through entrepreneurship and investor education since 2010. They were embedded early across Latin America, Southeast Asia, the Middle East and North African regions, developing their investment thesis so that by creating localized infrastructure, they may address local challenges and scale those solutions globally. Across their portfolio they have already invested in 140+ companies whose business positively impacts sustainability goals across 27 countries. With the Sustainable Innovation Program, their accelerator in Nairobi is just the beginning. The true opportunity is within the initiative's potential to mobilize mission-aligned capital and drive venture development across nascent and emerging ecosystems throughout the global south, creating lasting impact at scale. 'Partnering with proven investors like 500 Global is a critical element in Shell Foundation's vision of scaling clean solutions to reach millions of customers in emerging economies. Supporting and scaling technologies that are commercial and sustainable will increase incomes while lowering emissions for millions of under-served customers. We're proud to be early partners in what we hope will be a network of sustainable innovation across the global south, ' said Jonathan Berman, CEO of the Shell Foundation. Learn more about the Sustainable Innovation Program and what other cities are on the horizon here. Apply to the Sustainable Innovation Seed Accelerator in Nairobi here. About 500 Global 500 Global is a multi-stage venture capital firm with $2.3B in assets under management 2 that invests in founders building fast-growing technology companies. We focus on markets where technology, innovation, and capital can unlock long-term value and drive economic growth and development. We work closely with key stakeholders and advise governments on how best to support entrepreneurial ecosystems and economic development in emerging markets. 500 Global has backed over 5,000 founders representing more than 3,000 companies operating in 80+ countries. We have invested in more than 35+ companies valued at over $1 billion and 160+ companies valued at over $100 million (including private, public, and exited companies). Our 200+ team members are located in more than 30 countries and bring experience as entrepreneurs, investors, and operators from some of the world's leading technology companies. About Shell Foundation For 25 years, Shell Foundation, an independent charity registered in England and Wales, has empowered underserved customers to raise their incomes while lowering emissions. The Foundation supports early-stage innovations; helps the best of them to reach millions of people; and de-risks capital to prove those models are commercial at scale. Across Asia and Africa, the Foundation enables resilient prosperity among three core groups of people: smallholder farmers, transporters, and micro-entrepreneurs. Find more at THE CONTENT IN THIS PRESS RELEASE IS PROVIDED FOR GENERAL INFORMATIONAL OR EDUCATIONAL PURPOSES ONLY. 500 GLOBAL MAKES NO REPRESENTATIONS AS TO THE ACCURACY OR INFORMATION CONTAINED HEREIN AND WHILE 500 GLOBAL HAS TAKEN REASONABLE STEPS TO ENSURE THAT THE INFORMATION CONTAINED HEREIN IS ACCURATE AND UP-TO-DATE, NO LIABILITY CAN BE ACCEPTED FOR ANY ERROR OR OMISSIONS. UNLESS OTHERWISE STATED IN THIS PRESS RELEASE, ANY PREDICTIONS, FORECASTS, CONCLUSIONS, VIEWS OR OPINIONS EXPRESSED REPRESENT THE CURRENT VIEW AND THINKING OF 500 GLOBAL WITH REGARD TO THE SUBJECT MATTER THEREIN BASED ON INTERNAL DATA AGGREGATED ACROSS ALL 500 GLOBAL FUNDS AS OF OCTOBER 23, 2024 AND/OR ANALYSIS WHICH HAS NOT BEEN INDEPENDENTLY VERIFIED, AND WHICH IS SUBJECT TO CHANGE AT ANY TIME. UNDER NO CIRCUMSTANCES SHOULD ANY OF THE CONTENT IN THIS PRESS RELEASE BE CONSTRUED AS LEGAL, TAX OR INVESTMENT ADVICE FROM 500 GLOBAL OR ANY OF ITS AFFILIATES. 500 GLOBAL DOES NOT GUARANTEE ANY FUTURE RESULTS FOR ANY DECISIONS MADE BASED IN WHOLE OR IN PART ON THE CONTENT OR INFORMATION CONTAINED HEREIN. ALL READERS OF THIS PRESS RELEASE SHOULD CONSULT WITH THEIR OWN COUNSEL, ACCOUNTANT OR OTHER PROFESSIONAL ADVISORS BEFORE TAKING ANY ACTION IN CONNECTION WITH THIS PRESS RELEASE. UNDER NO CIRCUMSTANCES SHOULD ANY INFORMATION OR CONTENT IN THIS PRESS RELEASE BE CONSIDERED AS AN OFFER TO SELL OR SOLICITATION OF INTEREST TO PURCHASE ANY SECURITIES ADVISED BY 500 GLOBAL OR ANY OF ITS AFFILIATES OR REPRESENTATIVES. FURTHER, NO CONTENT OR INFORMATION CONTAINED IN THIS PRESS RELEASE IS OR IS INTENDED AS AN OFFER TO PROVIDE ANY INVESTMENT ADVISORY SERVICE OR FINANCIAL ADVICE BY 500 GLOBAL. UNDER NO CIRCUMSTANCES SHOULD ANYTHING HEREIN BE CONSTRUED AS FUND MARKETING MATERIALS BY PROSPECTIVE INVESTORS CONSIDERING AN INVESTMENT INTO ANY 500 GLOBAL INVESTMENT FUND. UNDER NO CIRCUMSTANCES SHOULD ANY CONTENT BE INTERPRETED AS TESTIMONIALS OR ENDORSEMENT OF THE INVESTMENT PERFORMANCE OF ANY 500 GLOBAL FUND BY A PROSPECTIVE INVESTOR CONSIDERING AN INVESTMENT INTO ANY 500 GLOBAL INVESTMENT FUND.
Zawya
05-05-2025
- Business
- Zawya
Kofa closes $8.1mln pre-series a round to expand energy access in Urban Africa
Innovative energy company secures funding to accelerate expansion and AI-driven battery network across key African cities. Kofa, leading technology-driven energy company and end-to-end ecosystem enabler, has closed an $8.1 million pre-Series A funding round. The investment, comprising $3.25 million in equity, $4.315 million in debt, and $590,000 in grants, will fuel the company's expansion and supercharge its AI-powered battery-swapping network, delivering reliable, clean energy solutions to urban Africa, starting in Ghana and Kenya. The round was co-led by E3 Capital, one of Africa's largest early-stage climate-tech venture capital funds, and Injaro Investment Advisors, a Ghanaian private capital fund manager – both providing equity. Shell Foundation contributed to the raise through catalytic debt and grant, co-funded with the UK Government through its Transforming Energy Access (TEA) platform. The fund also features backing from high-profile European angel investors in the battery industry, including Richard Thwaites, founder of Penso Power, one of Europe's leading grid scale battery businesses, acquired by BW Group in Oct 2024, who brings strategic insights into the battery sector. This funding round will accelerate Kofa's expansion into three major cities across West and East Africa. It will also fast-track the development of its proprietary AI-driven battery management platform, a game-changing differentiator crucial for optimising and scaling its network to efficiently manage millions of batteries. Since its inception in 2022, Kofa has rapidly become a driving force in the clean energy sector. The company has developed a swappable battery network that provides reliable, clean energy for motorcycles, households, and small businesses. Leveraging its cutting-edge technology and proprietary Internet of Things (IoT) system – which tracks battery usage, predicts demand, and optimises energy distribution – Kofa now facilitates over 200 battery swaps daily, achieving a 99% charge rate with an average swap time of under two minutes; saving time, reducing fuel costs, and keeping businesses running reliably. Headquartered in Accra, Ghana, Kofa's innovative model extends beyond battery swapping and has established itself as an end-to-end enabler of the broader energy ecosystem. By empowering connections with manufacturers, distributors, and financiers, Kofa is driving the large-scale adoption of clean energy solutions across urban Africa. Its holistic approach also facilitates the creation of jobs, strengthens local economies, and enables users to increase their income through more efficient energy solutions. Erik Nygard CEO and Founder of Kofa said, 'This funding validates our vision to transform urban Africa's energy landscape; and we are committed to building the ecosystem necessary to make this a reality. The shift to cleaner energy, for both domestic and commercial use, goes beyond sustainability – it drives real economic impact but for this transition to succeed, several key elements must come together'. He continues, 'This includes scaling local manufacturing and assembly with international partners, expanding a robust battery and swap station network, securing financial backing from investors, and deploying AI-driven technology to optimise the entire system. Closing this round is a major step forward in accelerating our vision, particularly as Ghana and the wider African region prioritise clean energy solutions. With the right ecosystem in place, greener alternatives will not only be viable but also the most cost-effective and logical choice for the future.' As an end-to-end enabler, Kofa designs market-specific products and licenses its intellectual property to key industry players. This is exemplified through its partnership with TailG, a global OEM, to mass-produce Kofa's electric motorcycle design – developed with direct user input, making it one of the first fully bottom-up electric motorcycle designs for Africa. Operating under a technology-first, asset-light model, Kofa is reshaping the future of energy by leveraging a Special Purpose Vehicle (SPV) to finance critical infrastructure such as batteries and swap stations, ensuring scalable growth, while also partnering with trusted distributors like AutoPax in Kenya and soon to be announced partnerships in Ghana to expand market reach. Andrew Darge, E3 Capital's lead on the transaction, commented: 'In investing in Africa for over a decade, we have seen firsthand the evolution of Africa's distributed renewable energy sector – and in particular the rise of electric mobility and battery technologies. Kofa stands out in having demonstrated a unique ability to build not just a product but an entire ecosystem to drive capital efficiency and create a compelling commercial opportunity for the adoption of clean energy at scale. Their approach aligns with our mission to support low-carbon solutions that catalyse measurable, sustainable impact across Africa.' Since being founded, Kofa has upheld strong operational values, which has earned the trust of unique investors in the African startup space, including Injaro, whose backing includes capital from notable pension funds in Ghana. Jerry Parkes, Managing Director of Injaro Investment Advisors, commented, 'Our investment in Kofa is about more than just backing a promising energy company, it's about supporting a solution that delivers tangible economic benefits for local communities. We are also excited to deploy Ghanaian capital in support of a visionary and experienced founder driving sustainable energy innovation in Africa. This makes Ghana an active participant in the achievement of a cleaner, more sustainable future while giving Ghanaian pensioners exposure to investment opportunities previously accessible mainly to international institutions'. 'Shell Foundation supports solutions that raise incomes for everyday people in key sectors, while simultaneously lowering emissions,' shared Jonathan Berman, CEO of Shell Foundation. 'Kofa's technology has huge potential for scale, and it is exciting to see this fundraise accelerate the expansion into new cities and national markets.' The need for reliable, sustainable energy is critical across Africa, where backup generators currently provide up to 40% of electricity in some parts of Africa, and motorcycles consume 40-60 billion liters of petrol annually, producing about 10 times more hydrocarbon emissions per kilometer. Kofa is tackling this challenge with a clean energy network designed to transition urban productivity away from fossil fuel dependency. The company's battery-swapping network is meticulously designed with the end user in mind, from ergonomic battery handles to a top-down loading mechanism, ensuring seamless usability. With this customer-centric approach, combined with a rapidly expanding network of battery swap stations, AI-powered energy management, and strategic partnerships across the value chain, Kofa is leading the charge in driving a large-scale shift toward a sustainable, cost-effective, and locally impactful clean energy future for Africa. Copyright © 2022 - All materials can be used freely, indicating the origin Provided by SyndiGate Media Inc. (
Zawya
25-02-2025
- Business
- Zawya
Call for Refugee-Led Clean Energy Enterprises in Uganda, Kenya, and Ethiopia to apply for inclusive investment grants
Ashden, a renowned climate solutions charity, is calling for applications from refugee-led clean energy enterprises in Uganda, Kenya, and Ethiopia for its new Inclusive Investment Pilots grants. These grants, available in amounts of up to £10,000 (local currency equivalent), are aimed at supporting clean energy projects in displacement settings, with six grants in Uganda, three in Kenya, and three in Ethiopia. This initiative builds on Ashden's commitment to renewable energy for refugees and displaced communities. The focus is on solar power, clean cooking technologies, and productive renewable energy solutions that are specifically designed for and led by refugees and displaced people. These grants are part of the Powering Refugees and Displaced People Award, launched in 2020, which addresses the critical energy needs of those in displacement. Ashden's new pilot program is designed to foster energy access innovation by providing financial inclusion to refugee entrepreneurs and organizations working on sustainable energy solutions. Successful applicants will not only receive funding but also gain technical assistance and communications support to help transform their initiatives into viable, revenue-generating energy delivery models. Isona Shibata, Head of International Programmes at Ashden and author of the influential report on Refugee-led Energy Access, highlights the urgency of the program: 'With 120 million displaced people globally, many of whom rely on firewood and charcoal for cooking and have limited access to electricity, there is an acute need to empower refugee entrepreneurs. These individuals must be at the forefront of efforts to deliver clean energy solutions, but historically, they've been unable to access the financial support or technical expertise required for a just transition.' The initiative is generously funded by the Howden Foundation, the corporate foundation of the global insurance group Howden, which supports six Inclusive Investment Pilots in Kenya and Uganda. Clare Ballantine, Head of Howden Foundation, emphasizes, 'We are proud to fund this pioneering program that directly supports refugee communities and the organizations working to enhance their resilience to climate change. Our focus includes solutions like solar irrigation and cooling as a service, which are critical for adapting to extreme heat and drought.' This grant program is part of the broader Transforming Humanitarian Energy Access program, a collaboration between Ashden, Mercy Corps, and the UNITAR GPA Co-ordination Unit, supported by the Aurora Trust and UK AID through the Transforming Energy Access platform. Applications for refugee-led clean energy projects are now open. Interested parties can find more details and submit applications through the Ashden website (THEA-IIP-apply). The deadline for stage one applications is March 17, 2025. This opportunity is a unique chance to support and accelerate the growth of refugee-led clean energy enterprises that can transform displacement settings with sustainable and innovative energy solutions. Apply now to make an impact on the future of energy access for displaced communities. Copyright © 2022 - All materials can be used freely, indicating the origin Provided by SyndiGate Media Inc. (
