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Nigerian Cleantech Company Arnergy Raises $3 Million in Funding to Expand Operations

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Arnergy, a Nigerian cleantech company that offers sustainable solar solutions that are tailored to address pressing energy needs, has announced the raise of $3 million in funding to expand operations.

The funding round was financed by All On, a Shell-backed off-grid energy impact investment company. The financing comes five years after Arnergy, secured $9 million in Series A round in 2019.

Speaking on the funding round, Arnergy’s CEO, Femi Adeyemo, said,

“We are now bullish on leases given that cost competitiveness now makes sense. We’ve tested and tried it, and the chance of default is now lower because of the monthly expense of petrol or diesel. You can more or less switch that for solar. It wasn’t the case four years ago where you will be paying higher even if you’re on a five-year lease to own solar,”

According to him, Arnergy plans to maintain its service provision across all 36 states where it operates in Nigeria through min-grid developers. Additionally, Arnergy is preparing to raise its Series B round, which is scheduled to close this quarter. The upcoming funding round aims to facilitate further expansion of its operations and accelerate the adoption of its renewable energy products and solutions within and outside Nigeria.

Also commenting on the latest raise, All On CEO, Caroline Eboumbou, in a statement said,

We are proud of our partnership with Arnergy over the past years. With this partnership, we have been able to achieve some of our goals to empower communities and create a cleaner future for Nigeria. Arnergy exemplifies the impact we strive to achieve at All On, innovative solutions, unwavering commitment to sustainability, and a relentless focus on social impact. This investment reaffirms our confidence in their ability to scale their operations and accelerate the adoption of clean energy in Nigeria and beyond.”

Founded in 2013 by Femi Adeyemo and Kunle Odebunmi, Arnergy was launched as a provider of sustainable energy services intended to deliver clean and reliable energy for businesses or homes.

The company’s energy systems are tailored to tackle intermittent and grid unreliability issues, enabling residential customers and businesses across hospitality, education, finance, agriculture, and healthcare to access and install affordable and reliable distributed energy systems.

Arnergy seeks to address these pressing challenges of expanding sustainable energy access and reducing Carbon dioxide (CO2) emissions in Africa by providing best-in-class clean energy solutions, establishing flexible financing partnerships to ease consumers’ transition to renewables, and prioritizing continuous consumer education drives.

The clean-tech startup aims to improve energy access and digital inclusion in Africa through partnerships and empowering domestic and commercial consumers with best-quality distributed solar utilities equipped best-in-class proprietary cloud-based and real-time energy management system.

The ECOWAS Problem with the Evolution of Alliance of Sahel States (AES)

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Very strange that landlocked countries could do this: “The junta-led Burkina Faso, Mali, and Niger have disclosed a plan to establish a confederation that will deepen their ties following their exit from the regional West African bloc.

“According to the statement issued by the Malian foreign ministry on Thursday, the three countries would form the Alliance of Sahel States (AES). The three neighboring countries in the Sahel region announced in January they would quit the Economic Community of West African States (ECOWAS), despite a decision by the bloc urging them to rethink.”

On paper, this alliance makes no economic sense. Yet, things happen. Just raise the tariffs transiting to them by 1000%, and they will understand a different language in trade! Of course, they can also go to court and argue that you cannot do that due to the African Union charter. 

This is a lesson for ECOWAS. The best way to protect democracy is free and fair elections. The citizens are not stupid as we have seen in Gabon and some of these countries. You cannot use sanctions to fix improper elections where votes are illegally stolen.

Of course, this is not to support what these khaki men do. My point is that when we fail to have free and fair elections, we create fertile grounds to allow them to operate. Look at Gabon, and some of these countries, and examine the support from the citizens. Yes, the citizens are just fine!

ECOWAS and AU must work harder to make sure elections are done right. 

Burkina Faso, Mali and Niger Announce plan to Establish a tri-state Confederation

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The junta-led Burkina Faso, Mali, and Niger have disclosed a plan to establish a confederation that will deepen their ties following their exit from the regional West African bloc.

According to the statement issued by the Malian foreign ministry on Thursday, the three countries would form the Alliance of Sahel States (AES). The three neighboring countries in the Sahel region announced in January they would quit the Economic Community of West African States (ECOWAS), despite a decision by the bloc urging them to rethink.

Reuters reported that during a meeting in the Burkinabe capital of Ouagadougou, the three ministers from the respective countries affirmed their collective dedication to promptly withdrawing from ECOWAS.

They “reaffirmed their commitment to advancing resolutely in the process of implementing the AES and creating the Tri-State Confederation,” the Malian foreign ministry said in an online post. The group has not revealed details on how the proposed confederation would operate or on how closely they plan to align political, economic, and security interests.

One of the mishaps in the three countries is their struggle to contain an epidemic battle with Islamist insurgents that has destabilized the subregion. In November 2023, their finance ministers said they would weigh the option of establishing a monetary union, and top officials from all three countries have, to varying degrees, voiced support for abandoning West Africa’s CFA franc common currency.

The juntas have all severed long-standing military ties with former colonial ruler France, dealing a blow to France’s influence in the Sahel and complicating international efforts to fight the militants linked to al Qaeda and Islamic State.

Nigerian leader and ECOWAS Chairman, President Bola Tinubu has had to face challenges of restoring democratic governments in the three countries, as his efforts were met with opposition. He sent a delegation at different times including former military leader, Abdulsalam Abubakar, and Benin Republic President Patrice Talon, to Niger which experienced the recent military takeover.

On 26 July 2023, a coup d’état occurred in Niger when the country’s presidential guard detained President Mohamed Bazoum, and Presidential Guard commander General Abdourahamane Tchiani proclaimed himself the leader of a new military junta, shortly after confirming the coup a success.

Before Niger’s coup d’état took place, Burkina Faso, on 30 September 2022, had its military takeover when the Interim President Paul-Henri Sandaogo Damiba was removed over his alleged inability to contain the country’s Islamist insurgency. Damiba had come to power in a coup d’état eight months earlier before Captain Ibrahim Traoré took over as interim leader.

In 2021, the Malian coup d’état began on the night of 24 May when the Malian Army led by Vice President Assimi Goïta captured President Bah N’daw, Prime Minister Moctar Ouane and Minister of Defence Souleymane Doucouré. Goita has remained in power since then.

The implications abound

The potential implications of a new confederation in West Africa are multifold. Firstly, it could lead to a consolidation of power among the junta-led governments, potentially entrenching authoritarian regimes in the region. This could further exacerbate issues of governance, human rights abuses, and political instability.

Secondly, the confederation could disrupt existing regional dynamics, particularly within ECOWAS, and strain diplomatic relations between member states. Thirdly, the withdrawal of these countries from ECOWAS and the establishment of a new confederation could weaken regional efforts towards economic integration, security cooperation, and development initiatives.

Lastly, the confederation may face challenges in gaining international recognition and legitimacy, particularly if it is perceived as undermining democratic norms and principles. Overall, the establishment of a new confederation in West Africa has the potential to reshape regional politics and security dynamics, with significant implications for stability and governance in the Sahel region.

OpenAI Launches ‘Sora’, Its AI Model That Generates Video From Text

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US-based Artificial Intelligence (AI) company and maker of ChatGPT, OpenAI, has launched a Generative AI model known as ‘Sora’, that creates videos from text.

The recently launched AI model can generate videos up to a minute long while maintaining visual quality and adherence to the user’s prompt. It is also able to generate complex scenes with Multiple characters, specific types of motion, and accurate details of the subject and background.

Sora understands not only what the user has asked for in the prompt, but also how those things exist in the physical world. The model has a deep understanding of language, enabling it to accurately interpret prompts and generate compelling characters that express vibrant emotions. It can also create multiple shots within a single generated video that accurately portray character and visual style.

Announcing the rollout of Sora, OpenAI wrote via a blog post,

“We are teaching AI to understand and simulate the physical world in motion, with the goal of training models that help people solve problems that require real-world interaction. Sora has a deep understanding of language, enabling it to accurately interpret prompts and generate compelling characters that express vibrant emotions”

Similar to GPT models, Sora uses a transformer architecture, unlocking superior scaling performance. The AI model builds on past research in DALLE and GPT models. As a result, the model is able to follow the user’s text instructions in the generated video more faithfully.

With the launch of Sora, OpenAI has joined the likes of several tech giant companies such as Google and Meta that are delving into video generation. OpenAI however acknowledged that the current model has weaknesses, noting that it may struggle with accurately simulating the physics of a complex scene, and may not understand specific instances of cause and effect.

In a bid to ensure the safe use of Sora, OpenAI announced that it will be taking several important steps ahead of making the AI model available in its products.

“We’ll be taking several important safety steps ahead of making Sora available in OpenAl’s products. We are working with red teamers domain experts in areas like misinformation, hateful content, and bias who will be adversarially testing the model.

We’re also building tools to help detect misleading content such as a detection classifier that can tell when a video was generated by Sora. We plan to include C2PA metadata in the future if we deploy the model in an OpenAl product”, the company wrote.

Sora is currently not available to the general public. OpenAl disclosed that it is currently granting access to a number of visual artists, designers, and filmmakers to gain feedback on how to advance the model to be most helpful for creative professionals.

From LinkedIn News Summary

OpenAI has unveiled a new artificial intelligence model that can turn text prompts into short, realistic-looking videos. The reveal on Thursday marks a significant step forward from previous AI-generated video models, The New York Times writes. Dubbed Sora, the new system is capable of creating videos “as if they were lifted from a Hollywood movie.” A cluster of companies, ranging from small, buzzy start-ups to tech behemoths, are jostling to launch compelling instant video generators. OpenAI’s tool will not be released publicly yet, the company says, as a select group of testers seek to “understand the system’s dangers.”

  • Even as OpenAI proceeds carefully, critics say AI-generated video could “become a quick and inexpensive way of creating online disinformation.”
  • The U.S. Patent and Trademark Office has ruled that OpenAI cannot trademark “GPT,” TechCrunch reported Thursday.
  • OpenAI is also working on a web search product that would directly challenge Google’s dominant search product, reports The Information, citing an anonymous source.

AfriTech Capital (ATC) – Conceived As A Tekedia Mini-MBA Capstone

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“AfriTech Capital (ATC) was conceived as a Tekedia Mini MBA capstone project. And we wish to benefit from Tekedia’s mentoring and partnership. AfriTech Capital Inc. was incorporated in Delaware, USA in July 2023, whilst AfriTech Capital Limited was incorporated in Nigeria in September 2023”.

“ATC currently has 13 General Partners (GPs), who are all alumni members of Tekedia Institute. GPs reflect Nigeria’s rich diversity, have experience in consulting, law, tax, entrepreneurship, banking, engineering, civil service, etc., and are spread across five continents”.

They’re already making serious investments across markets. I am so proud of what we have accomplished in Tekedia Institute. Besides teaching, we have figured out how to bring great people together in the most productive way. They’re building companies, establishing new investment vehicles, and fixing frictions in communities. Tekedia Institute wishes AfriTech Capital (ATC) open opportunities and wins.

AfriTech Capital (ATC) was a Tekedia Mini-MBA capstone. Tekedia Capstone is a research paper or a case study exploring a topic, market, sector or a company. Dozens of companies have been established through our capstone. A Tekedia Capstone mimics your final year college project, but here gears towards markets. Through the Capstone, ideas have become products.

Tekedia Institute >> advancing communities through world-class entrepreneurial education.