Solar firm Sun Culture secures $5 million investment from WaterEquity in Kenya
In a significant move towards enhancing water access in rural Africa, WaterEquity has made an investment via its new Water and Climate Resilience Fund. The recipient of this US$5 million investment is SunCulture, a leading provider of solar-powered irrigation solutions and agricultural technology to smallholder farmers.
Samir Ibrahim, the founder of SunCulture, announced the investment. Over the past few years, SunCulture has established more than 50% market share for smallholder farmer solar irrigation systems in Sub-Saharan Africa.
The investment comes at a time when rural communities in Africa face significant challenges in accessing reliable water. Over 80% of Africa's rural population uses sources requiring water collection outside their homes. This disproportionately affects women and girls, who bear the majority of the time burden for water collection.
SunCulture's solar-powered water pumps offer an affordable alternative to diesel and manual water pumps, making them a valuable solution for these communities. More than 90% of SunCulture's customers use the pumps for accessing groundwater for drinking, cooking, and cleaning.
The Water & Climate Resilience Fund aims to support projects and companies that address critical infrastructure gaps and build long-term resilience against increasing water stress. By investing in SunCulture, WaterEquity is contributing to the expansion of water access to millions of farmers and their families in rural Africa.
Aleem Remtula, head of PE and infrastructure investments at WaterEquity, stated that the investment reflects a milestone in the firm's new strategy. He further explained that the Water & Climate Resilience Fund is designed to invest in decentralised, resilient solutions that can scale equitably.
The investment from WaterEquity signifies a partnership between the two companies for future growth. Samir Ibrahim, CEO and co-founder of SunCulture, welcomed the partnership, stating that it would help SunCulture in its mission to help smallholder farmers grow more food with climate technology, financing, and a digital marketplace.
The Water & Climate Resilience Fund brings together a diverse group of global investors, including Microsoft, Starbucks, Xylem, Ecolab, Reckitt, Gap Inc, and others. This partnership is a testament to the growing recognition of the importance of sustainable and equitable water solutions in addressing global challenges.
SunCulture's solar-powered water pumps and irrigation systems have been transformative for smallholder farmers. By providing affordable, reliable, and sustainable water solutions, SunCulture is not only improving livelihoods but also contributing to food security in rural Africa. This investment from WaterEquity is a step towards a future where every farmer in rural Africa has access to clean water.
Read also:
- MRI Scans in Epilepsy Diagnosis: Function and Revealed Findings
- Hematology specialist and anemia treatment: The role of a hematologist in managing anemia conditions
- Enhancing the framework or setup for efficient operation and growth
- Hydroelectric Power Generation Industry Forecasted to Expand to USD 413.3 Billion by 2034, Projected Growth Rate of 5.8% Compound Annual Growth Rate (CAGR)
