The African Enterprise Challenge Fund (AECF) last week launched a US$1.2 million Innovation Fund to unlock the potential of renewable energy to create new business opportunities.
The fund is 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 launch of this 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.
Chief Executive Officer of AECF, Victoria Sabula, 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.
Businesses and entrepreneurs in Burkina Faso, Ethiopia, Kenya, Liberia, Mali, Mozambique, and Zimbabwe can apply for funding,” she said.
In applying for the fund, 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.
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.
The IMF’s mandate is to safeguard the stability of the international monetary and financia…