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We already have a presence in 7 African countries that include Zambia, Namibia, Togo, Ghana, Cameroon, Botswana and Zimbabwe with 5 of those having a full team and subsidiaries that operate locally. These countries are home to some of the most youth enriched societies. Digital natives that are in the forefront of the digital revolution. We intend to expand to many other countries including growing our activities in Ghana (our latest market) and entering into the Ivory Coast and/or Uganda as a next market.
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https://youtu.be/hlL00JufRTc?si=WgMamQfXScnH3bsF
In London, Zurich, Berlin or Rome or in most developed countries, it is easy to overlook the luxuries we enjoy. Have you ever stopped to consider the ease with which we work on our laptops, charge our mobile phones, print documents, or simply flick a switch to illuminate a room? These conveniences are so seamlessly integrated into our lives that we hardly give them a second thought. But pause for a moment and imagine life without them. Picture a reality without electricity, where the simplest tasks become repeated challenges. For many Africans, this is not a hypothetical scenario but a daily struggle. With power outages lasting up to twenty hours each day (!), hardworking citizens must navigate the demands of work, business, and family life in an environment where reliable electricity is a scarce commodity.
Pictured above is a lecturer improvising, using his car’s headlights as a source of light so his students can take their exam as scheduled.
This is, and has for a long time been the reality of over 600 million men, women and children across the African continent that live off the electricity grid. This is in addition to many more millions of households and businesses that are connected to the grid, but experience power cuts on a regular basis. For a continent that houses some of the fastest growing economies on the planet, its constant state of darkness impedes the growth of the economic potential it holds and stifles the overall contribution it could make on the world. What can we do? How can we change the stories of the millions whose businesses lose over 31% in economic losses due to power outages? How can we make a wise investment decision whilst also playing a significant role in the sustainable change required in these growing economies? A good start would be to invest in, support and believe in passionate start-ups such as MPower. Companies that are providing lasting solutions to real problems.
In recognizing the ever-expanding potential of the African market, MPower firmly believes in the enduring business viability of African economies. Unlike in many other parts of the world, the continent's dynamic economic landscape is filled with “digital natives” that are in the prime of their lives (e.g. median age in Africa is 19.2). Over the last two decades, the price of solar electricity has dropped by 89% in the last 10 years, making it the cheapest of any power option and highlighting the substantial reduction in the cost of solar energy. In parallel, we have seen a drastic drop in lithium battery cells over the last decade, which has significantly reduced the costs of storage. This development alongside the potential of the African market, creates an unparalleled opportunity for sustainable energy solutions, specifically in solar energy. With 80% of businesses and a significant portion of the population lacking access to reliable electricity, the demand for cleaner and more sustainable power sources is escalating rapidly. MPower has already proven the readiness of the market for investment and growth by successfully replicating its innovative business model in five African countries and has grown its team to 56 across its core markets.
This expansion not only underscores the viability of the renewable energy industry, but also establishes MPower Ventures as one of the innovative leaders in the sector: