One of my all time favorite books is the Alchemist, a fable about following your dreams, by Paolo Coehlo. “There is only one way to learn- it’s through action,” writes Coehlo. “Everything you need to know you have learned through your journey.” Among the fable’s many lessons to the protagonist is to pay attention to clues, omens and symbols along this journey.
Two recent announcements about new sources of funding specifically targeting access to clean energy sources have made me think of Coehlo’s charming novel and its teachings on heeding signs and embracing opportunities. Just last week, US Energy Secretary Steven Chu announced the launch of a new Renewables and Efficiency Deployment Initiative—Climate REDI—which aims accelerate the transfer of clean and renewable energy technologies to developing countries. In an effort to reduce greenhouse gas (GHG) emissions, fight energy poverty, and improve public health, the United States and other major economies, including Italy, Australia, UK, Norway, the Netherlands and Switzerland, have pledged $350 million to the program. Climate REDI will emphasize deployment of solar lantern and light-emitting diode (LED) technology, super-efficient equipment and appliances, sharing information, and scaling up renewable energy sources such as solar and wind systems.
Earlier this month, E+Co, an investment firm that provides business support services and investment capital to clean energy enterprises in Africa, Asia and Latin America, received two significant capital infusions: $7.5 million from the Norwegian Investment Fund for Development and $6.65 million from FMO, the entrepreneurial development bank of the Netherlands. E+Co’s current investment portfolio includes over 150 small and growing businesses from micro-hydro developers in Nepal and solar retailers in Nicaragua to efficient cook stove manufacturers in Ghana. E+Co. The organization anticipates that approximately 60% of the new capital will be invested in Sub-Saharan Africa.
These monetary commitments underscore the timeliness of EGG-energy’s recent pilot launch and the importance of the company’s mission to provide clean, adequate, affordable power to underserved communities in sub-Saharan Africa. Now, more than ever before, power companies committed to providing access to modern energy services have an unprecedented opportunity to help drive sustainable development in the poorest countries. I’m reminded every day of the catalytic effect that EGG-energy and our peer firms like D.light and dissignio can have on generating economic opportunity for our customers.
As the year comes to a close, a few other signs stand out, giving every reason for optimism. The team is closing on pilot financing from an angel investor. Jukka is heading to Tanzania for January as an MIT Public Service Center fellow to bolster our sales and marketing strategy and to scope out new sites for EGG-energy’s charging stations. Another competition victory brought in an additional $25,000 in capital that will enable EGG-energy to jump start on expansion. We continue to push ahead and as we head into 2010, we remain consistently alert and eager to pick up on clues and cues, largely from the amazing network of EGG-supporters and allies.
Happy holidays everyone!
Alla
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