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15 climate projects selected for Phase 3 of Climate Finance Accelerator South Africa

28th March 2024

By: Schalk Burger

Creamer Media Senior Deputy Editor

     

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Fifteen climate projects from across the country have been selected to take part in the third phase of the UK-funded low-carbon-projects initiative Climate Finance Accelerator (CFA) South Africa.

From 173 applications, the chosen projects come from the energy, transportation, agriculture, forestry and other land uses, circular economy and water sectors.

Further, for the first time, two separate cohorts have been created to trial capacity building for promising early-stage projects.

The 15 businesses will receive tailored one-to-one and group support from financial, technical and gender equality and social inclusion experts to help increase their chances of securing finance from South African and international investors, the UK government-funded initiative says.

The ten core cohort projects will undertake intensive capacity building before pitching to investors at an event in July and which early-stage projects will also be invited to attend.

The five projects selected in the early-stage pilot will have the opportunity to attend elements of the core capacity building training and will be encouraged to share their experiences with members of the core cohort who may act as mentors.

Meanwhile, almost a third of projects from the first two phases of the CFA South Africa have found investment since participating in the programme.

“It is clear from the bids we’ve had into three rounds of the Climate Finance Accelerator that South Africa is a hotbed of ideas on how to tackle climate change in an innovative way.

“The support provided to these projects will help them secure investment, deliver green growth and jobs, and contribute to South Africa meeting its climate commitments,” British High Commissioner Antony Phillipson says.

“Food systems, rare-earth metal beneficiation, energy storage, e-mobility, waste and sanitation are all featured in this year’s CFA finalists. This cohort has solutions to some of the most pressing green economy challenges globally,” green economy nonprofit organisation GreenCape CEO Michael Mulachy points out.

“Each finalist has found its niche in South Africa and has the potential to scale up rapidly, thereby creating much-needed jobs and investment in South Africa's green economy. The CFA programme has been an incredibly effective launch pad for these innovative green companies and GreenCape is eager to see the impact of this cohort,” he says.

The ten core cohort projects include renewable battery manufacturer Creslow Energy Solutions, hydroponic vegetable business Cultura Fresh, electronic waste collecting and reuse company EWaste Africa, home toilet company Loowatt and battery minerals producer Manganese Metal Company.

Additionally, mycelium-based alternative protein and nutraceutical ingredients company MycoSure, livestock and pet feed and fertiliser insect protein company Nambu and independent power producer and battery rental company Soco Capital are also in the core ten.

Similarly, e-mobility clean energy solutions company Valternative Energy, and renewable energy electric (EV) vehicle charging infrastructure company Zero Carbon Charge are part of the core cohort.

Further, the five early-stage cohort projects include organic biostimulant company Aquagel, EV charging station developer Breev, and decentralised recycling company React.

The other two early-stage projects are connected smart consumer dispenser company Smartfill, and lantern-routers Internet connection company Solarfi.

“Identifying and supporting innovative, low-carbon companies across key green economy sectors through initiatives like CFA can pave the way for a brighter, greener future. These companies represent the vanguard of progress, offering solutions to some of the most pressing challenges facing our country and the globe,” National Business Initiative CEO Shameela Soobramoney says.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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