This was the highest funding amount raised in 2020 by a renewable energy company ‘Greenlight Planet’ within the Green Tech (also known as Clean Tech) space in Kenya.
Green Tech is one of the fastest-growing
tech sectors in the world, worth $8.9Billion in 2019.
The Ugandan startup, gnuGrid also raised a US$250,000 funding round as it works to scale its solution. Yet another cleantech startup, SunCulture has now received $11 million in funding to expand solar irrigation in Sub-Saharan Africa.
Green Tech is about digitizing solutions to achieve sustainability goals thereby creating human-ecosystem equilibrium. The sustainability goals are based on 3 main pillars:
- The economy (focused on improving profit)
- The society (focused on preserving human and social capital)
- The environment (focused on protecting natural resources)
Poor water and air quality, high CO2 emissions, deforestation, extinction of species, natural disasters, depletion of natural resources and of course climate change are creating a demand for more Green Tech solutions.
Green Tech solutions that assist in changing individual lifestyles, rearranging our living situations and redesigning our work practices, are revolutionizing the way we live and providing a great opportunity for achieving sustainability goals.
What’s driving Cleantech’s popularity?
On one level, the possibility that Africa’s power problems can be solved by clean technology. Secondly, solar power at some scale could be a truly cheaper alternative to fossil fuels.
Here are some examples of sub-sectors where we find Green Tech solutions thriving
Climate control technologies are used to create indoor farms in areas where farming can’t be practiced easily.
Advanced manufacturing technologies are used to create edible meat alternative products that resemble meat but are not actually meat.
3) Waste Management:
Internet of Things technologies are used to keep track of what is collected thereby optimizing logistics.
Renewable energy technologies are used to create energy generation helping to reduce the over-reliance and consumption of non-renewable natural resources.
Green Tech is expected to grow by 27.1% CAGR
in 2024; now seems like a perfect time to invest in green!