Capital Markets

Oil firm starts Sh10m youth innovation energy fund

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The beneficiaries of the fund will also access mentorship from Sahara Group and other private sector partners to scale up clean energy and sustainable environment innovations. FILE PHOTO | NMG

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Summary

  • Oil and gas firm Asharami Synergy has started a Sh10.87 million fund to support young entrepreneurs in the clean energy sector.
  • The seed funding from the firm, which is a member of Nigerian’s Sahara Group oil marketing company, is expected to help them scale up entrepreneurial projects and connect them to global opportunities.
  • The beneficiaries of the fund will also access mentorship from Sahara Group and other private sector partners to scale up clean energy and sustainable environment innovations.

Oil and gas firm Asharami Synergy has started a Sh10.87 million fund to support young entrepreneurs in the clean energy sector.

The seed funding from the firm, which is a member of Nigerian’s Sahara Group oil marketing company, is expected to help them scale up entrepreneurial projects and connect them to global opportunities.

The beneficiaries of the fund will also access mentorship from Sahara Group and other private sector partners to scale up clean energy and sustainable environment innovations.

Other partners involved in the programme include Ford Foundation, LEAP Africa and Impact Investors Foundation.

"Asharami Synergy is passionate about youth capacity development in Kenya and giving resourceful social innovators in the nation a platform to kickstart their aspirations.

We are looking forward to receiving applications as well as exploring opportunities of working with other stakeholders to enhance socio-economic growth and development in Kenya," said Asharami Synergy Kenya country manager Debola Adesanya.

The company said it has invested a total of Sh37.7 billion in its Kenyan operations, mainly in importation of fuel products.