• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Agribusiness

Netflix founder, ex-Alphabet CEO back African solar irrigation startup

1 year ago
in Agribusiness, Business, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
51
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Netflix founder, ex-Alphabet CEO back African solar irrigation startup

Reed Hastings, the co-founder of Netflix Inc. and Eric Schmidt, the former chief executive officer of Alphabet Inc., through his foundation, took part in a funding round for an African solar irrigation startup.

The two billionaires are among investors who have invested $27 million in Nairobi, Kenya based SunCulture alongside others such as InfraCo Africa Ltd. and Acumen Fund Inc., the startup said.

The company supplies small solar powered water pumps, the cost of which is subsidized by the sale of carbon credits, to small-scale farmers, allowing them to replace diesel-powered pumps in some cases and boost yields in fields that weren’t previously irrigated.

SunCulture operates in Kenya, Uganda and Ivory Coast and has distribution agreements in Ethiopia, Zambia and Togo.

“SunCulture helps farmers grow more food, which is exactly the kind of business that prospers,” Hastings said in comments supplied by the irrigation company.

The startup estimates that of the 700 million Africans living on small-holder farms only 4% have access to irrigation, meaning that they have significantly lower yields and are vulnerable to dry weather.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

The company has sold 47,000 units, powered by solar panels that can be mounted on small buildings or shacks and in some cases batteries. They use as little as 310 watts of power, equivalent to that needed for about five standard size incandescent light bulbs.

“We’re the largest small-holder solar irrigation company in Africa. We use financial services and carbon revenues to make the cost of solar irrigation 50% cheaper than diesel and petrol pumps,” said Samir Ibrahim, SunCulture’s chief executive officer. “Irrigation is just like old very unsexy technology but it could increase your yields by up to five times.”

The Series B funding round brings to $65 million the company has raised to date and goes some way toward its aim of raising $219 million to install 274,000 of its systems in Kenya alone. That funding would come from equity, debt, grants and carbon financing, according to SunCulture.

The company also plans to expand across the continent with pilots currently being run in a number of countries, said Ibrahim. It’s also seeking to branch into facilitating the provision of other farming services such as soil tests and insurance.

Investors in earlier funding rounds included EDF International SAS, DPI Energy Ventures Ltd., Equator Africa Fund and Energy Access Ventures Fund. London-based EKTA Partners advised on the Series B round.

Tags: African solar irrigation startupAlphabet CEOex-Alphabet CEO back African solar irrigation startupNetflix founder
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.