AECF Launches $1.2 Mn Innovation Fund Launched to Unearth Emerging Technologies in Renewables

The African Enterprise Challenge Fund (AECF) has launched a USD 1.2 million Innovation Fund to unlock the potential of renewable energy to create new business opportunities.

March 20, 2021. By Manu Tayal

The African Enterprise Challenge Fund (AECF) has launched a USD 1.2 million Innovation Fund to unlock the potential of renewable energy to create new business opportunities.

Businesses and entrepreneurs in Burkina Faso, Ethiopia, Kenya, Liberia, Mali, Mozambique, and Zimbabwe can apply for funding. The fund has been aimed at strengthening market readiness of emerging innovations, as well as secure financial, technical, and networking support for taking existing proven prototypes to scale. The deadline for the applications is April 29, 2021. 

Solutions that reduce the negative impacts associated with the use of traditional cooking options at the household and institutional levels, build climate change resilience among communities and support productive uses such as water pumping, agro-processing, cooling, and refrigeration services are examples that the Fund seeks to support. In applying, businesses and entrepreneurs will need to demonstrate how their proposed innovations will transform livelihoods of low-income households through creation of jobs and diversification of livelihoods.

Under the Sustainable Development Goals, the world has set an ambitious target of ensuring universal access to reliable and sustainable energy by the end of the decade. But with half of the African continent without access to electricity, and two-thirds lacking access to clean cooking solutions, additional investment is needed to drive innovation and accelerate the uptake of modern energy.

The Innovation Fund builds on AECF’s Renewable Energy and Adaptation to Climate Technologies (REACT) initiative, which was launched to support the private sector develop and expand its clean energy technologies to Africa’s rural communities. The Fund will invest in technologies that meet market needs as well as accelerating the development of existing solutions to better serve African communities and not technologies in the prototype stage.

Commenting on the development, Victoria Sabula, Chief Executive Officer of AECF, said, “the Innovation Fund is key to enhancing large scale transformation within local communities. Investing in affordable and accessible renewable energy solutions can create jobs, grow economies, and build more sustainable livelihoods. Through the fund, we hope to unearth new ways that renewable technology – be it domestic, communal, or commercial – can be used to generate income and create jobs.”

Please share! Email Buffer Digg Facebook Google LinkedIn Pinterest Reddit Twitter
If you want to cooperate with us and would like to reuse some of our content,
please contact: contact@energetica-india.net.
 
 
 
Next events

 

Last interview
 
 
 Energetica India is a publication from Editorial Omnimedia. No reproduction in whole or part of content posted on this website.