The African Enterprise Challenge Fund (AECF) has launched a US$1.2 million Innovation Fund for renewable energy startups in Burkina Faso, Ethiopia, Kenya, Liberia, Mali, Mozambique and Zimbabwe.
The AECF fund/challenge is looking to improve the market readiness of emerging innovations, secure financial and technical as well as networking support for proven prototypes.
Renewable energy startups looking to participate should have solutions that address:
- Scalable supply chain models that provide clean cooking solutions (especially in rural areas)
- Alternative clean cooking technologies (stoves and fuels) e.g. mini-grid and solar PV powered electric cooking.
- Business models and technological innovations for stand-alone systems and Productive Use Energy (PUE) appliances.
“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”Victoria Sabula, AECF Chief Executive Officer
There is a two-step process to applying for the African Enterprise Challenge Fund. First, there is a qualification stage where entrepreneurs and startups hand in their project proposals. This document has to give extensive details on the innovations and will ultimately lead to your idea being selected or turned down.
The second stage is the award stage which is based on the technical, organizational and financial due diligence of the applicant.
Interested parties can find the application form for the AECF challenge here. You can also check out the Fact Sheet and Term Sheet for the African Enterprise Challenge Fund in the links below.
Applications close on the 29th of April 2021.