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Firm raises $4million for clean energy

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Clean-tech plastic waste recycling company Kaltani has raised $4 million in seed funding to expand its business.

Founded by Mr. Obi Charles Nnanna, Kaltani aims to solve Africa’s growing plastic waste crisis by promoting recycling best practices.

The startup has 100 workers spread across its collection centres, factory and offices.

Kaltani’s technology utilises data analytics, predictive analytics, and geo-mapping to ensure transparency and traceability throughout the value chain. With the loan, it aims to open 20 new collection and aggregation centres across Nigeria and increase its staff to over 500 people.

These will boost Kaltani’s capacity, allowing the company to recycle up to 15,000 tonnes of plastic waste yearly.

Also, The Netherlands Development Finance Corporation (FMO) has teamed up with BIX Capital to open a $10 million line of credit to C-Quest Capital (CQC). It will use the facility to distribute environmental-friendly cook stoves in 15 sub-Saharan African countries. The Washington, D.C.-based company has a $10 million line of credit for its operations in sub-Saharan Africa.

The facility was made available by the Netherlands Development Finance Company (FMO) and BIX Capital, an Amsterdam, Netherlands-based portfolio manager.The $10 million line of credit will finance the implementation of CQC’s clean cooking program. Under the program, the Ken Newcombe-led company aims to distribute environmental-friendly stoves to seven million households in 15 sub-Saharan African countries, including Zambia, Malawi, Kenya, Uganda, Zimbabwe, Mozambique, Tanzania and Angola.

The CQC programme, which runs through 2026, is expected to benefit 28 million Africans, an important step toward universal access to clean cooking.  More than 900 million sub-Saharan Africans do not have access to clean cooking, according to the International Energy Agency (IEA).

Yet, traditional cooking methods using wood and charcoal are responsible for 490,000 premature deaths yearly, according to the same source.FMO estimates that the CQC project will reduce deforestation while avoiding 140 million tonnes of carbon dioxide (CO2) emissions. This initiative comes at a time when investors are increasingly interested in clean cooking in Africa. A few days ago, the Mechanism for Modern Cooking in Africa (MCFA) launched a call for projects to finance clean cooking enterprises in the Democratic Republic of Congo (DRC), Kenya, Mozambique, Tanzania, Zambia and Zimbabwe.

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