Investment in Empower Clean Cooking Limited
15/10/2024 07:00
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RNS Number : 1080I Inqo Investments Limited 15 October 2024
Inqo Investments Limited
Investment in Empower Clean Cooking Limited
About Inqo Investments Limited
Inqo Investments Limited ("Inqo" or "the Group") is a South African based
social impact company that invests in businesses that tackle poverty and
environmental challenges in Sub-Saharan Africa.
COMMENTARY
Inqo Investments Limited (INQO) announces today an investment in Empower Clean
Cooking Limited ("Empower") as part of its Conservation and Rural Enterprise
(CARE) Project in Uganda. Empower will produce biomass pellets for cooking
fuel and will be managed and operated by East Africa Power (EAP), a highly
experienced renewable energy developer and operator with hydro and solar
plants in Rwanda, Uganda, DRC, Zambia, Zimbabwe and Kenya. Empower expect to
commence production on its Budongo site in Q4 2024.
The CARE Project aims to use an enterprise approach to tackle environmental
and social issues in and around the Budongo Forest in Uganda. Budongo Forest
faces several threats including illegal bush meat poaching, deforestation for
charcoal production and increasing population pressure around the forest
fringes. The CARE project is designed around the belief that social and
environmental issues are interrelated and that poverty is a key driver of
deforestation in this region. By working with communities in and around the
Budongo Forest to build scalable and sustainable SMEs with an environmental
focus, the CARE project aims to create jobs, increase livelihoods in the
community, give the forest meaningful economic value for local communities and
provide alternative employment to activities such as bushmeat poaching and
charcoal production.
"We are delighted with this new investment in Empower - their technology is
well suited to our rural setting and providing consumers with biomass pellets
as an alternative cooking fuel which is cleaner and more sustainable, will
help reduce deforestation for charcoal use," said Jim Tan, Investment Manager
at Inqo Investments. "This investment will help create several technical and
non-technical jobs in the community and facilitate important knowledge
transfer. A key part of the CARE Project will be to assess the social and
environmental impacts for local communities and the forest over time."
Comments from Dan Klinck, CEO East Africa Power: "This collaboration
represents a significant milestone for Empower. With Inqo's investment and
support, we are poised to make a substantial impact on the lives of many in
Uganda by producing sustainable biomass pellets for cooking fuel. This not
only addresses a critical need for clean cooking solutions but also
contributes to environmental conservation and rural enterprise development. As
we prepare to commence production at our Budongo site in Q4 2024, we look
forward to the journey ahead. This project is not just about providing clean
cooking fuel; it's about improving health outcomes, reducing environmental
impact, and fostering economic opportunities for rural communities.
Thank you to everyone involved for your dedication and hard work. We are
excited about the future and the positive change we will create together."
K.S
Tan
David Louw
Chairman
Director
Issued on: 15 October 2024
Enquiries
Inqo Investments Limited Tel: +44 7768 613346
Dr Kim Tan, Chairman Email: kimtan2@springhilluk.com
Hobart Capital Markets LLP
AQSE Corporate Adviser and Broker Tel: +44 (0)20 7070 5665
Dr Wang Chong Email: wang.chong@hobartcapital.com
About Inqo Investments Limited
'INQO' (www.inqo.co.za) is a South Africa-based social impact company listed
on the London Aquis Stock Exchange Growth Market. It makes strategic
acquisitions and investments in businesses designed to tackle poverty and
provide employment, products and services to the poor in Low Income Countries
(LICs).
About East African Power (www.eastafricanpower.com
(http://www.eastafricanpower.com) )
East African Power (EAP) is an integrated renewable energy development and
engineering company delivering affordable and reliable clean energy solutions.
We are a long-term, social-impact-oriented IPP business developing, designing,
building, and operating hydro and solar power plants in Africa.
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