Tech

Kenyan startup Hydrobox raises $9m in debt funding to support hydro projects

Published

3 hours ago

November 26, 2024

Kenyan energy startup, Hydrobox, has announced raising $9 million in debt investment from FMO, the Dutch entrepreneurial development bank, and EDFI Management Company, through ElectriFI, an EU impact investment facility focused on clean energy access in developing countries.

The funding will support eight small hydro projects across four mini-grids in the country, with the aim of providing over 10,000 people and local businesses with reliable, affordable electricity.

Co-founder and CEO of Hydrobox, Thomas Poelmans, who broke the news, said the containerised hydro power plants would “lower construction costs, reduce production time, and facilitate deployment in hard-to-reach off-grid areas.

“Equipped with state-of-the-art IoT technology, each unit is remotely monitored and managed, maximizing efficiency and reducing downtime,” Poelmans said.

“The investment will support eight small hydro projects across four mini-grids, and is expected to provide electricity to approximately 2,582 households, benefiting over 10,000 individuals. These projects will deliver vital electricity to communities and businesses in need of reliable, affordable power.

“Our partnership with reference investors FMO and ElectriFI serves as a quality label and recognition for the hard work our team has put in over the last few years.

“By harnessing small local rivers, Hydrobox provides a sustainable, locally-sourced power solution that reduces dependency on fossil fuels, lowers carbon emissions, and supports job creation through close, on-the-ground service that ensures high-quality support.

“With strong partners on board and a substantial pipeline of upcoming projects in Kenya and the DRC, we are well-positioned to make a meaningful impact on energy access across Africa, aiming to reach 1,000,000 end-users by 2030. We thank everyone who has believed in and supported our journey,” the CEO said.

Hydrobox builds, owns and operates mini-grids in underserved regions with these mini-grids serving a combination of anchor clients like factories and farms, small businesses like schools, hospitals, shops, and restaurants, and households, all through an independent grid that offers accessible, reliable power.

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Tech

MTN launches 5G network in Benin Republic

Published

1 day ago

November 25, 2024

Isaac Dachen

MTN Benin has officially launched its 5G network which will position the country as a technological leader in West Africa.

The company, in a statement, said the launch of Benin’s first commercial 5G network will not only position the country at the forefront of technological advancement in the West African region but also set the stage for a more competitive and dynamic telecommunications market.

“The advanced network promises faster speeds, ultra-low latency, and enhanced reliability, driving industry productivity and innovation,” the company said.

“This strategic investment aims to revolutionize Benin’s digital ecosystem, boosting business operations and reshaping user experiences. MTN’s 5G rollout underscores its commitment to advancing technology and supporting the nation’s digital transformation,” it said.

The launch of the MTN 5G will further intensify competition in Benin’s telecom industry and aligns with MTN’s broader strategy to expand 5G services in Africa and is expected to significantly influence the nation’s economy.

“Enhanced connectivity can lead to increased efficiency in industries such as agriculture, healthcare, and education. For instance, farmers could utilise real-time data to optimise crop yields, while healthcare providers can implement telemedicine solutions to reach remote areas,” it said.

“Educational institutions could also benefit from improved access to digital resources, facilitating e-learning opportunities. Moreover, the 5G network is expected to attract foreign investment by providing the necessary infrastructure for tech startups and multinational companies seeking to establish operations in Benin. This influx of investment could lead to job creation and contribute to the overall economic growth of the country.”

Tech

Fintech startup DigMo launched in Zambia to gamify financial planning

Published

2 days ago

November 24, 2024

Isaac Dachen

DigMo, a gamified fintech startup which helps users to build wealth tools from low to middle-income earners, has been launched in Zambia.

CEO of the DigMo Group, Sylvia Brune, who made the announcement, says the platform which is licensed by the Bank of Zambia to operate a wallet, offers a secure, free digital money account with a special account for users to play a financial planning game which incentivises customers to get started putting money away for the future.

“By giving customers the chance to win big rewards, DigMo is encouraging sustainable habits,” said Brune.

She stated that with an initial rollout in Zambia, DigMo wallet’s first offering, Save to Win, will make putting money away regularly, easy and rewarding with no fixed costs or fees.

“DigMo Save to Win allows users to start with small amounts – from just ZMW10 (US$0.37) – for the chance to win prizes of up to ZMW500,000 (US$19,000).

“We are committed to financial planning innovation for low and middle-income earners across Africa. To achieve this meaningful impact, we approach this like a game studio – where we constantly create and test many new products until we find those with an outsized impact,” Brune said.

“If we just take existing products and make them more affordable or accessible, it is unlikely that we can dramatically change behaviours.

“To succeed, we have engaged directly with users, observing and learning from them to develop DigMo, a solution that will dramatically improve their financial well-being and meet their unique needs,” she added.