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Germany Africa Business Forum announces funds for energy startups

July 26, 2019

The Germany Africa Business Forum (GABF) announced Thursday a multimillion-Euro funding commitment to investing in German energy startups that focus on Africa.

The GABF, based in Berlin and Johannesburg, South Africa, said the funds are the first of their kind for the advocacy group seeking to advance German partnerships with the continent.

“Our initial goal is to support the investment in German companies and to start with funding allocations by the end of this year,” said Sebastian Wagner, co-founder of the GABF.

The news was welcomed by Cameroonian business leader NJ Ayuk, the CEO of Centurion Law Group based in Equatorial Guinea.
“The future of Africa’s energy industry will depend on technology and innovation. When German startups and Africans work together, we can build something unique for both our peoples,” Ayuk said. “I applaud the GABF for this well-thought-out initiative. I believe it is in line with the goals of the G20 Compact with Africa, driven by Germany.”

That compact, launched in 2017, is open to all African countries and has 12 nations participating to date. They include Benin, Burkina Faso, Côte d’Ivoire, Egypt, Ethiopia, Ghana, and Guinea, along with Morocco, Rwanda, Senegal, Togo, and Tunisia. The compact places renewable energy and rural employment as priorities for African investment.

The GABF also launched in 2017, with a parallel vision to facilitate German investment in Africa by connecting top African business and political leaders with their African counterparts.

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Germany Africa Business Forum announces multi-million Euro funding commitment to investing in German-African energy startups

The Germany Africa Business Forum, whose goal is to strengthen investment ties between Germany and Africa, announced it has, in collaboration with private partners from the energy industry, launched a multi-million Euro funding commitment to investing in German energy startups that focus on Africa.

The funding commitment, which pledges funds to German startups with exposure to African energy projects, will be the first such intra-regional initiative.

“Our initial goal is to support the investment in German companies and to start with funding allocations by the end of this year”, said Sebastian Wagner, co-founder of the GABF. “Through our partners, we will immediately get involved in investing in solutions-driven German startups with pragmatic business models to solve Africa’s energy challenges through the provision of German technology and innovation”, he added.

“The future of Africa’s energy industry will depend on technology and innovation. When German start-ups and Africans work together, we can build something unique for both our peoples.

I applaud the GABF for this well-thought-out initiative. I believe it is in line with the goals of the G20 Compact with Africa, driven by Germany”, stated NJ Ayuk, a pan-African energy dealmaker, CEO of Centurion Law Group and Executive Chairman of the African Energy Chamber, a supporter of the initiative.

Anchored in the private sector, the GABF brings together Africa’s foremost executives with German companies, investors and innovators with the aim of driving change.

Founded in 2017 as a “private for privates”, the GABF encourages German investors to consider the African continent as a profitable and important investment destination. Through a series of initiatives, the GABF draws together African business and political leaders with Germany’s preeminent innovators to develop fresh investment concepts that shape German and African business ties, as well as economic thought.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.