Tag: DRC

DRC startup Nuru secures $40 million to build mini-grid in sub-Saharan Africa

Nuru, a solar energy firm located in the Democratic Republic of the Congo, aspires to supply constant power to the country’s five million residents. Its Series B funding of $40 million falls well short of the $300 million needed to reach this objective.

To develop its renewable energy infrastructure, the Democratic Republic of the Congo-based business Nuru has secured $40 million in Series B equity capital.

Investors that lead the round include the International Finance Corporation, the Global Energy Alliance for People and Planet, the Renewable Energy Performance Platform, Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, the GAIA Impact Fund, and the Joseph Family Foundation.

An additional $28 million in project finance is expected to be closed by the end of July, in addition to the IFC’s equity participation and funding from the Finland-IFC Blended Finance for Climate Programme. For both the Series B round and the related project financing, Nuru relied only on AltRaise as its financial adviser.

The funding will be utilized to construct mini-grids in three different locations in eastern DRC: Goma, Kindu, and Bunia, which will be the biggest. The combined capacity of solar electricity and batteries will be 13.7 megawatts. Nuru, which means “light” in Swahili, has mini-grids up and running in four additional cities in eastern DRC.

Read also: Yellow Africa secures $14 million for Solar energy solutions in Africa

Closing the Series B is a significant milestone in Nuru’s journey

The Democratic Republic of the Congo (DRC) is home to an estimated 100 million people, yet only around 20 percent of them have reliable access to electricity. In eastern DRC, many people do not have access to electricity. Since there is little to no electricity in the area, the mini-grids provide a chance to utilize renewable energy and avoid the usage of fossil fuels for power production.

The goal of Nuru’s utility-scale solar mini-grids is to supply constant, clean power to the communities in which they are deployed. This will aid in the much-needed improvement of climate resilience and sustainable development.

We’re excited to work with such a creative group of investors who share our mission of improving the lives of five million people in the DRC by increasing their access to electricity. Jonathan Shaw, Nuru’s founder, said after the round closed, “Closing the Series B is a significant milestone in Nuru’s journey, but it also demonstrates the viability of the metro grid model in the distributed energy sector in Africa.” “Nuru expresses deep gratitude to the investment group for backing the company and believing in its mission from the start. Together, we will continue to illuminate lives, drive economic growth, and empower communities across the DRC.”

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Series A funding round for Nuru totalled $3.8 million

Back in March, Nuru’s Series B equity fundraising was bolstered by early investments from REPP, Proparco, and E3 Capital. Each of the three investors in the convertible note round invested $500,000.

The Series A funding round for Nuru totalled $3.8 million and was headed by E3 Capital (formerly Energy Access Ventures) and EDFI ElectriFI in 2018. The investment was instrumental in establishing Nuru’s mini-grid portfolio in the cities of Goma, Beni, Tadu, and Faradje, all of which are now live.

Later this year, according to Bloomberg, the company plans to begin raising $90.0 million in a Series C investment. This comes as the firm pushes for a $300 million funding goal by September 24, 2024, in order to reach its goal of providing service to five million people in the DRC.

July 6, 2023
Altech Group secures US$18m to boost electricity in DRC

The Altech Group has raised US$18 million in loan money and grants to strengthen its market position and extend access to energy throughout the DRC.

Altech has grown its sales and distribution network to encompass more than 140 stores in 22 of the DRC’s 26 provinces thanks to the efforts of its 4,500 employees and sales agents since its founding in 2013. It has enhanced the lives of over 1.7 million Congolese people by selling over 350,000 solar energy gadgets.

With the recently announced US$18 million in growth funding, Altech will be able to provide 180,000 solar products to 900,000 people in need of access to clean, reliable electricity.

The Energy Entrepreneurs Growth Fund (EEGF), Triple Jump, and Rabobank provided the majority of the debt capital, each through their own dedicated facilities. SIMA Funds, Solidarité Internationale pour le Développement et l’Investissement, Kiva, the Whole Planet Foundation, and EquityBCDC have all made contributions to Altech. ANSER RDC and the Humanitarian Grand Challenge, Creating Hope in Conflict provided this money.

According to Altech co-founder Washikala Malango, “since our humble beginning in 2013 in our off-grid city of Baraka in South-Kivu province in the Eastern part of the DRC, we have faced the severe challenge of obtaining working capital financing in our efforts to connect off-grid households in the rural, peri-urban, and urban areas of our country.”

Read also: Nigerian-led Web3 startup Shield raises $2.1m from A16z

More On The Expansion

As stated on the Altech website, “the incredible support from Rabobank and EEGF, as well as our other lenders, is one of the main pillars for Altech to provide affordable clean energy to thousands of Congolese off-grid households to modern, clean, reliable, and affordable solar solutions while creating thousands of green jobs for Congolese youth.”

According to Triple Jump’s Deputy Head, Direct Investments team member Mark van Doesburgh, the company is “excited” to support Altech’s expansion as it increases access to sustainable energy in the DRC.

We believe Altech will continue to make a meaningful difference in people’s lives, therefore this investment is in line with our goal of funding novel approaches to pressing global problems. The poorest people in the globe have been impacted the hardest by recent market shocks like COVID-19 and the rise in food and energy costs. One way to better people’s lives is to make clean, inexpensive energy available to them, he said.

African blockchain business funding rises by 429%

About Altech

In the fields of industrial control, instrumentation, medical technology, and automation, Altech Corporation is a well-established provider in the United States of America for components and devices. Busbars and power distribution are two of the many goods that are offered by Altech, which offers a very comprehensive range of products. Protective measures for electrical circuits.

April 29, 2023
Max Mad A Car Out of Scrap Materials By DRC Students.

Students are constantly at work on the factory floor in Goma, east of the Democratic Republic of the Congo. They’re in their sixth year of mechanics at the Institute of Technology and Industry. After two years of work, they have completed the construction of a vehicle out of waste materials.

This accomplishment has been a source of pride for the group and their teacher, and the training is still ongoing today.

Crispin Muyalalo, a teacher, says that whenever they fix a car engine, they always check the injection pump to make sure it is working and delivers a steady flow based on the settings.

The Builders of Max Mad

Max Mad was built by students aged 15 to 20 who used all of their technical skills. It’s the name they came up with for the car, shaped like a Land Rover safari model.

The group of 12 young students had to overcome material and financial difficulties to make their dream a reality. Their efforts were rewarded, and the result exceeded their expectations.

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“When our project was completed, we saw the joy of the city’s residents, and suddenly everyone was interested in our project,” recalls Samuel Ntamwenge. They promoted it on social media, demonstrating their intent, but we require funding. They may have good intentions, but without funding, they will fall short. We are confident that investors will come as time passes.

More On Max Mad

This vehicle was constructed from scrap metal and is powered by a diesel engine. A fuel tank is housed in a canister in the back. The Mad Max consumes 1 litre of oil every 7 kilometres, allowing the car’s fuel consumption to meet international standards.

“We can’t say how much money we spent on this project because we used some discarded elements, but it cost us around $2,500,” says teacher Crispin Muyalalo. We want the world and the Democratic Republic of the Congo to know that there are talents in the DRC and that the young people we supervise are capable of great things because of the car we built.

They began with discarded elements and transformed them into something visible.
The students hope that the Congolese government and other good-hearted people will help them make more prototypes.

June 4, 2022
Intelsat extend Vodacom DRC contract for Ku-band managed cell backhaul services

Intelsat, the operator of the world’s largest integrated satellite and terrestrial network, has been chosen to provide Ku-band satellite services to Vodacom DRC, a leading mobile telecommunications company in the Democratic Republic of the Congo (DRC). As part of Vodacom’s Rural Communication Solution (RCS) initiative to bring mobile services to deep rural sites in the DRC, Intelsat’s end-to-end managed CellBackhaul service will serve as an alternative backhaul service to specific sites.
Vodacom brings together available transport networks and hybrid power solutions to enhance and upgrade rural communication services as part of the “Inclusion for All” pillar of their Vision 2025 strategy. Vodacom can now extend mobile connectivity to areas where fibre or microwave backhaul networks are unavailable or unfeasible to deploy, thanks to Intelsat’s Ku-band capacity and the CellBackhaul managed service.
“We are delighted to continue working with Intelsat on their new Ku-Band managed service as an alternative backhaul solution to support our rural expansion objectives,” said Didier Kabongo, CNO of Vodacom DRC. “Expanding mobile service to the Democratic Republic of the Congo’s underserved and unserved population is a key pillar of our Vision 2025 strategy.”

CellBackhaul combines the reach and resilience of Intelsat’s largest-of-its-kind global network with network design, installation, and operation services, allowing mobile network operators to deploy services in areas where traditional terrestrial backhaul services are unavailable. A new service called CellBackhaul DRC adds to Intelsat’s managed cellular backhaul solution portfolio, which already includes platforms in the US, the EU, and Japan.
CellBackhaul managed services bring together the suitable capacity, services, and expertise to provide customers with economical alternatives to expand into difficult areas, said Intelsat’s vice president and general manager, EMEA Media and Networks Sales, Rhys Morgan. “Intelsat is committed to this critical partnership with Vodacom DRC, assisting in the delivery of solutions that fill gaps where other technologies are ineffective.”

About Intelsat

Intelsat operates the world’s biggest satellite services company, supplying a vital element of the global communications infrastructure. Compared to other commercial satellite operators, the company offers more satellite capacity, more orbital location rights, more contract backlogs, and more commercial services to more clients in more countries. Media firms, fixed and wireless telecom operators, data networking service providers, multinational enterprises, and Internet service providers (ISPs) all rely on Intelsat’s varied communications offerings. As a significant commercial satellite capacity supplier to the United States government and a small group of military organisations and their contractors, the company is well-known.

March 5, 2022