Youth-led firms in blue economy pitch for funding from investors

 

Delegates during the 3rd Annual Blue Economy Innovation and Investment Summit at Sote Hub in Mombasa County. [Kelvin Karani, Standard]

A start-up plastic waste recycling project to produce cooking gas has pitched for Sh100 million before investors and delegates from the European Union.

Mega Gas Alternative Energy pitched for the funds during the just concluded Blue Economy Summit held in Mombasa County.

Mega Gas is among 24 youth-led start-ups in the blue economy that pitched for funds to expand its business and meet industry regulations.

Also Twende Green Eco-Cycle, also a start-up that successfully turned tonnes of plastic waste into eco-desks pitched for Sh12.9 million to help acquire press moulding and shredder machines, and build a warehouse.

Vincent Odero had already received a Sh1 billion offer to sell off his idea of converting human waste and urine to produce electricity.

The summit organised by Sote Hub, brought in investors in the blue economy space, including the Aga Khan Foundation and Technoserve.

Other start-ups that pitched for funds were Crab Shark and Kuza Freezers. Mega Gas co-founder, Fredrick Wanyoike, said the funds will enable the firm to meet the Energy and Petroleum Regulatory Authority (EPRA) threshold to be registered as a producer of cooking gas.

The 28-year-old civil engineering graduate, who is the firm’s production manager, said the major hitch is that they do not have 60,000 cylinders in circulation.

“For our amplitude to be felt, we are seeking funding of $1 million (Sh128 million) to meet some government regulations and have enough gas cylinder circulation in the community as per EPRA’s threshold,” said Wanyoike.

The start-up has been refining and recycling plastic waste to produce clean and affordable cooking gas for low-income families in Kenya.

“We have partnered with local communities who supply us with plastics to clear and sort them out in the chain production and we can harness clean cooking gas. The process is patented and clean,” said Wanyoike. He said they also look to open up more community kitchens across the country, a novel idea where they provide stoves and cooking gas and a family can walk in with their raw food and cook.

“At only Sh30, a family can be able to place their meals on the table. This has been impactful for small and medium enterprises selling smokies, eggs and coffee,” said Wanyoike.

He said the firm is also targeting women using firewood, as most of them have been experiencing indoor pollution and respiratory diseases.

For Odero, despite receiving the Sh1 billion offer from investors, he is not willing to sell his idea of converting human waste and urine to produce electricity but instead is looking for funds to expand the venture. 

The third-year student at Jaramogi Oginga Odinga University of Science and Technology, studying information and communication technology said it has been frustrating to find investors.

Currently, the university is helping him patent the innovation.

“I have been contemplating selling the innovation but I am still looking for investors to expand this innovation despite getting the Sh1 billion offer to sell off the idea,” said Odero. He has successfully connected his home and six other homesteads and a local school and hopes with enough funds, his innovation will help many get electricity at a lower cost.

Twende Green Eco-Cycle director, Lawrence Kosgei, said the firm can produce up to 100 eco-desks, although it has to outsource shredding and compressing machines from Nairobi.

Sote Hub director, David Ogiga, said the summit provided a good platform for discussions with the government on appropriate policies that are needed to support the success of the start-ups.

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