Investment in Empower Clean Cooking Limited

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: [phone]
Dr Kim Tan, Chairman	Email: [e-mail]
Hobart Capital Markets LLP
AQSE Corporate Adviser and Broker	Tel: [phone]
Dr Wang Chong	Email: [e-mail]

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)

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.

 

END