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Mati Carbon, a Houston startup, won a $50 million prize from Elon Musk’s XPrize for its innovative approach to carbon removal through enhanced rock weathering. By spreading crushed rock on small farms in India, Zambia, and Tanzania, the method not only captures CO2 but also boosts crop yields by releasing essential nutrients. The company plans to scale its model globally, aiming to benefit millions of smallholder farmers while providing a cost-effective solution for significant carbon capture.
AXIAN Telecom has secured a $100 million financing package from the European Investment Bank (EIB) to enhance mobile broadband infrastructure in Madagascar and Tanzania, focusing on expanding 4G and introducing 5G coverage. This investment aims to improve digital connectivity, promote socio-economic growth, and reduce telecom access inequality in Africa. With $60 million allocated for Tanzania and $40 million for Madagascar, the project aligns with the EU's Global Gateway strategy and supports the United Nations Sustainable Development Goals.
Nordea has confirmed a quarantine on TotalEnergies due to concerns over the East African Crude Oil Pipeline Project, which has faced criticism for human rights abuses and environmental violations. Campaigners, including ActionAid Denmark, are urging the bank to divest from all new fossil fuel projects, highlighting the need for a broader commitment to the green transition. Despite a resolution at Nordea's AGM calling for an end to lending to fossil fuel firms, shareholders rejected the proposal.
Tanzania’s Sumet Technologies has secured $1.5 million in pre-seed funding to enhance its FMCG distribution operations across the country. The investment, from a mix of angel investors, will support the company's mission to facilitate market entry for new brands and optimize supply chains throughout Africa. CEO Hazem Afify emphasized the importance of this funding in strengthening their technology and expanding their market presence.
Nordea shareholders overwhelmingly rejected a proposal to halt fossil fuel lending, with 95.36% voting against it. The bank has provided $641 million in loans to upstream oil and gas companies over two years, despite being part of the Net-Zero Banking Alliance. Critics highlighted Nordea's financing of the controversial East African Crude Oil Pipeline and called for a shift away from fossil fuel investments, but the bank's leadership emphasized the need to support Norway's oil and gas economy.
Baker Hughes is capitalizing on the growing demand for data centers driven by generative AI, offering off-grid power solutions through its NovaLT turbines. The company anticipates significant growth in its Climate Technology Solutions, targeting $6 billion to $7 billion in orders by 2030, while aiming for 20% EBITDA margins by 2026 through improved pricing and productivity.
Egyptian pharma-tech startup Grinta is expanding into primary healthcare through its acquisition of Citi Clinic, a chain that serves over 150,000 patients. This strategic shift from B2B distribution to direct patient care is supported by funding from Beltone Venture Capital and Raed Ventures. Grinta also plans to establish a pharmacy chain in Tanzania and develop export partnerships with Egyptian pharmaceutical manufacturers.
AliExpress has expanded its local payment options across several African countries, allowing shoppers in Egypt, South Africa, Algeria, Ethiopia, Morocco, and Tanzania to transact in their national currencies. This initiative aims to enhance cross-border e-commerce by reducing transaction friction and improving payment security. The expansion coincides with a major promotional event and is part of AliExpress's broader efforts to improve logistics and customer experience in Africa.
Kenyan re-commerce startup Badili has secured $400,000 in debt funding from Proparco to enhance its refurbished electronics initiative. Founded in 2021, Badili repairs and reintroduces used mobile phones in Kenya, Tanzania, and Uganda, providing affordable access to top-tier brands while promoting sustainability and reducing electronic waste. CEO Rishabh Lawania expressed optimism about the company's growth and expansion across Africa.
Mintoak, a Mumbai-based fintech startup backed by PayPal, has acquired Digiledge for $22.9 million. Digiledge, specializing in bill payments and Central Bank Backed Digital Currency (CBDC), will operate as a subsidiary, enhancing Mintoak's offerings to small enterprises.Mintoak, which processes $3.4 billion monthly for three million merchants, aims to leverage Digiledge’s capabilities to facilitate digital currency transactions and expand its services further, having already extended its reach to Kuwait, UAE, Tanzania, and Mauritius.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
houston startup wins xprize for innovative carbon removal through rock weathering
13:00 23.04.2025
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