Kampala, Uganda: Six low carbon Ugandan businesses have pitched for private investment at an event in London attended by City of London investors and UK Government Ministers.
The businesses are graduates of the UK-funded Climate Finance Accelerator Uganda programme and were selected for their potential to match the investment requirements of London-based financiers.
The event, hosted at Church House in Westminster, saw interventions from two UK Government Ministers – the Minister for Africa, Lord Collins, and the Minister for Climate, Kerry McCarthy – and detailed pitches from the project developers. Agrosahas, Eco Brixs, Ecoplastile Limited, Kwanza Infrastructure Group, Protone Energies Limited and Silver Fleet Limited are looking for a total of almost US$ 83 million in investment.
Working in the waste, transport, energy and agriculture, forestry and other land uses (AFOLU) sectors, their projects have the potential to benefit communities and cut carbon emissions across Uganda.
Minister for Africa, Lord Collins said: “Our focus as the UK Government is clear – we want sustainable, mutual economic growth globally and we want to protect climate and nature. The UK’spartnership with CFA Ugandashowcases our commitment to tackling climate change, our support for business and our longstanding partnership with Uganda. I have been hugely impressed by the investment opportunities that these businesses offer and their commitment to cutting carbon emissions. They are truly an incredible advert for Ugandan innovation.”
A discussion of the enabling environment for investment in Uganda and East Africa also allowed the businesses and investors present to share their experiences, highlighting the challenges and opportunities for investors and businesses.
British High Commissioner to Uganda, Lisa Chesney MBE, said: “Without the efforts of the private sector, governments will not be able to meet their climate goals. I commend each of these projects for the role they are playing to safeguard Uganda’s future against climate change.”
The six projects that have travelled to London are:
Agrosahas International Private Limited – organic focused agritech platform providing artificial intelligence/ machine learning and satellite based precision farming services to farmers.
Ecobrixs – recycling plastic waste into PET flakes and selling to factories to be re-used and processed into other products that can be used in Uganda or exported.
Ecoplastile Limited – closed-loop integrated waste management service that recycles waste into affordable, high performance and low carbon construction materials, offering cash incentives to individuals who recycle.
Kwanza Infrastructure Group – Hydroelectric power projects on the Sisi, Simu and Ngenge rivers in Eastern Uganda using run-of-river technology. The project will generate sufficient power for over 22,000 households.
Protone Energies Limited – solar energybattery refurbishment aimed at doubling the lifetime of a battery at 38% of the cost of a new one. Services include battery refurbishment, re-utilising decommissioned batteries and scheduling maintenance to extend their lifespan.
Silverfleet Limited – an electric vehicle taxi fleet solution to transition a taxi company, which clients can access via an online platform and mobile app.