AFRICA – The Germany Africa Business Forum (GABF) in collaboration with private partners from the energy industry has announced a multi-million Euro funding commitment to invest in German energy startups that focus on Africa.

The funding commitment, which pledges funds to German startups with exposure to African energy projects, will be the first such intra-regional initiative.

“Our initial goal is to support the investment in German companies and to start with funding allocations by the end of this year”, said Sebastian Wagner, co-founder of the GABF.

“Through our partners, we will immediately get involved in investing in solutions-driven German startups with pragmatic business models to solve Africa’s energy challenges through the provision of German technology and innovation”, he added.

GABF brings together Africa’s foremost executives with German companies, investors and innovators with the aim of driving change and strengthening investment ties between Germany and Africa.

“The future of Africa’s energy industry will depend on technology and innovation. When German start-ups and Africans work together, we can build something unique for both our peoples.

I applaud the GABF for this well-thought-out initiative. I believe it is in line with the goals of the G20 Compact with Africa, driven by Germany”, stated NJ Ayuk, a pan-African energy dealmaker, CEO of Centurion Law Group and Executive Chairman of the African Energy Chamber, a supporter of the initiative.

Founded in 2017 as a “private for privates”, the GABF encourages German investors to consider the African continent as a profitable and important investment destination.

Through a series of initiatives, the GABF draws together African business and political leaders with Germany’s preeminent innovators to develop fresh investment concepts that shape German and African business ties, as well as economic thought.

In the recent past, Africa’s energy sector has continued to post significant development which has attracted major multinational investors.

Markedly, the continent’s has increased its liquefied natural gas (LNG) production which and is set to change global energy dynamics.

Among the major countries tapping into the space include, South Africa, Congo, Cameroon, Tanzania, Equatorial Guinea, Ghana, Mozambique, Rwanda and Sudan who have continued to show progress as potential LNG powerhouses.

German companies have shown major interest in the African energy industry as they leverage on the high technology which has enabled them secure investments and execute contracts in power projects around Africa.