The African Enterprise Challenge Fund (AECF) has launched a US$1.2 million Innovation Fund to unlock the potential of renewable energy to create new business opportunities.
Open to businesses and entrepreneurs in Burkina Faso, Ethiopia, Kenya, Liberia, Mali, Mozambique and Zimbabwe, the AECF fund is aimed at strengthening market readiness of emerging innovations, and securing financial, technical, and networking support for taking existing proven prototypes to scale.
Solutions that reduce the negative impacts associated with the use of traditional cooking options at the household and institutional levels, build climate change resilience among communities and support productive uses such as water pumping, agro-processing, cooling, and refrigeration services are examples of those that the fund seeks to support.
“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,” said AECF chief executive officer (CEO) Victoria Sabula.
The deadline for applications is April 29.