Daily Archives: April 17, 2019

Acumen Announces Nearly $70 Million Close of For-Profit Off-Grid Energy Fund through its subsidiary Acumen Capital Partners

The fund, KawiSafi Ventures, is accelerating access to clean energy solutions for low-income populations in East Africa

NEW YORK, April 17, 2019 (GLOBE NEWSWIRE) — Acumen, the nonprofit that invests philanthropic capital in companies and leaders tackling poverty, today announced the approximately $70 million close of for-profit fund, KawiSafi Ventures, through Acumen Capital Partners. After investing $22 million of patient, philanthropic capital across the off-grid ecosystem and impacting 81 million lives, Acumen saw an opportunity to drive energy access for millions of low-income people in East Africa and scale the clean energy sector.

In sub-Saharan Africa, more than 600 million people currently live without electricity and spend $17 billion a year on dirty, inefficient energy. KawiSafi aims to deliver clean, affordable energy to 10 million people, at least half of whom live in poverty, and displace more than one million tons of carbon dioxide in the next 10 years, to address energy poverty and help avert the current climate crisis. To date, KawiSafi has invested $21 million to impact 4.3 million people and avert 360 thousand tons of carbon dioxide emissions.

“Acumen’s investing experience has shown us that Africa has a unique opportunity to solve its energy problem,” said Jacqueline Novogratz, Founder and CEO of Acumen. “We created KawiSafi to prove that renewable, off-grid energy can be a faster, cheaper and cleaner way to electrify the continent. By building scalable solutions that can bring power to low-income communities that have lived without electricity for too long, we can create a seismic shift in off-grid energy, releasing immense levels of human productivity and minimizing impact on the environment. Given that Africa’s population is expected to nearly double by 2030, a clean energy strategy is good not just for the continent but for everyone.”

KawiSafi has raised approximately $70 million to catalyze companies that deliver clean, affordable renewable energy to low-income consumers and businesses quickly climbing the energy ladder. The fund maintains Acumen’s values and impact-focused approach to investing but aims to deliver market-competitive returns by making larger, more significant investments in high-growth companies with proven business models. Some of KawiSafi’s early supporters include anchor investor the Green Climate Fund along with Steve Jurvetson, Chris Anderson and the Skoll Foundation. Acumen, as sponsor, holds an equity interest in the fund.

“The energy landscape has changed drastically in the last decade, and we have seen proven, profitable businesses emerge that are already transforming how low-income people access electricity,” said KawiSafi’s Managing Director Amar Inamdar. “These companies need early-growth capital to scale so they meet customer demand and drive innovation in a rapidly evolving ecosystem. KawiSafi will fill critical market gaps to create a sustainable, off-grid ecosystem, supporting countries to realize their UN Sustainable Development Goal of universal energy access.”

d.light, a longtime Acumen investee, is one of KawiSafi’s first investments. The company, which manufactures and distributes a broad range of high-quality, affordable solar products, has impacted more than 90 million lives and offset 21 million tons of CO2. d.light recently closed $41 million in Series E financing, demonstrating how KawiSafi can help accelerate growth for companies with proven business models poised to generate significant financial and social returns.

KawiSafi is managed by Acumen Capital Partners LLC, an Acumen-owned subsidiary that structures and manages funds investing in social enterprises poised to scale to transform the lives of low-income people everywhere and solve some of poverty’s greatest challenges. Acumen Capital Partners leverages Acumen’s nearly 20 years of investing in the world’s toughest, most underdeveloped markets to address critical capital gaps for social enterprises on their journey to scale.

GCF Executive Director ad interim Javier Manzanares said KawiSafi Ventures has great potential in its ability to act as a role model for similar renewable energy investments in other countries.

“While the establishment of off-grid solar power will initially target at least 10 million energy-scarce people in Rwanda and Kenya, this fund has elements which could be replicated in bringing universal, low-emission power to communities elsewhere,” Manzanares said. “A key benefit of KawiSafi Ventures is the way it empowers solar power entrepreneurs at the grassroots level to leapfrog the need for fossil fuels in lighting up people’s lives.”

About Acumen

Acumen is changing the way the world tackles poverty by investing in companies, leaders and ideas. We invest patient capital in businesses whose products and services are enabling the poor to transform their lives. Founded by Jacqueline Novogratz in 2001, Acumen has invested more than $115 million in 113 companies across Africa, Latin America, South Asia and the United States. We are also developing a global community of emerging leaders with the knowledge, skills and determination to create a more inclusive world. Learn more at www.acumen.org.

About KawiSafi Ventures

KawiSafi is a nearly $70 million venture capital fund that invests in fast-growing companies leading the new energy revolution. We put capital to work for good. Our goal is to drive clean energy access for millions of low-income people in East Africa while making competitive returns for investors. We believe the future of East Africa is a low-carbon economy. Decentralized energy solutions have a role to play and KawiSafi’s portfolio is constructed to foster synergies across this ecosystem. Its portfolio companies are emerging leaders in residential and commercial energy products, consumer financing, and more. Together, this ecosystem is bringing off-grid energy access to low-income customers and communities. Learn more at www.kawisafi.com.

Media Contact:
Carolyn Bielfeldt
Acumen
cbielfeldt@acumen.org
646.747.3968

Acumen Announces Nearly $70 Million Close of For-Profit Off-Grid Energy Fund through its subsidiary Acumen Capital Partners

The fund, KawiSafi Ventures, is accelerating access to clean energy solutions for low-income populations in East Africa

NEW YORK, April 17, 2019 (GLOBE NEWSWIRE) — Acumen, the nonprofit that invests philanthropic capital in companies and leaders tackling poverty, today announced the approximately $70 million close of for-profit fund, KawiSafi Ventures, through Acumen Capital Partners. After investing $22 million of patient, philanthropic capital across the off-grid ecosystem and impacting 81 million lives, Acumen saw an opportunity to drive energy access for millions of low-income people in East Africa and scale the clean energy sector.

In sub-Saharan Africa, more than 600 million people currently live without electricity and spend $17 billion a year on dirty, inefficient energy. KawiSafi aims to deliver clean, affordable energy to 10 million people, at least half of whom live in poverty, and displace more than one million tons of carbon dioxide in the next 10 years, to address energy poverty and help avert the current climate crisis. To date, KawiSafi has invested $21 million to impact 4.3 million people and avert 360 thousand tons of carbon dioxide emissions.

“Acumen’s investing experience has shown us that Africa has a unique opportunity to solve its energy problem,” said Jacqueline Novogratz, Founder and CEO of Acumen. “We created KawiSafi to prove that renewable, off-grid energy can be a faster, cheaper and cleaner way to electrify the continent. By building scalable solutions that can bring power to low-income communities that have lived without electricity for too long, we can create a seismic shift in off-grid energy, releasing immense levels of human productivity and minimizing impact on the environment. Given that Africa’s population is expected to nearly double by 2030, a clean energy strategy is good not just for the continent but for everyone.”

KawiSafi has raised approximately $70 million to catalyze companies that deliver clean, affordable renewable energy to low-income consumers and businesses quickly climbing the energy ladder. The fund maintains Acumen’s values and impact-focused approach to investing but aims to deliver market-competitive returns by making larger, more significant investments in high-growth companies with proven business models. Some of KawiSafi’s early supporters include anchor investor the Green Climate Fund along with Steve Jurvetson, Chris Anderson and the Skoll Foundation. Acumen, as sponsor, holds an equity interest in the fund.

“The energy landscape has changed drastically in the last decade, and we have seen proven, profitable businesses emerge that are already transforming how low-income people access electricity,” said KawiSafi’s Managing Director Amar Inamdar. “These companies need early-growth capital to scale so they meet customer demand and drive innovation in a rapidly evolving ecosystem. KawiSafi will fill critical market gaps to create a sustainable, off-grid ecosystem, supporting countries to realize their UN Sustainable Development Goal of universal energy access.”

d.light, a longtime Acumen investee, is one of KawiSafi’s first investments. The company, which manufactures and distributes a broad range of high-quality, affordable solar products, has impacted more than 90 million lives and offset 21 million tons of CO2. d.light recently closed $41 million in Series E financing, demonstrating how KawiSafi can help accelerate growth for companies with proven business models poised to generate significant financial and social returns.

KawiSafi is managed by Acumen Capital Partners LLC, an Acumen-owned subsidiary that structures and manages funds investing in social enterprises poised to scale to transform the lives of low-income people everywhere and solve some of poverty’s greatest challenges. Acumen Capital Partners leverages Acumen’s nearly 20 years of investing in the world’s toughest, most underdeveloped markets to address critical capital gaps for social enterprises on their journey to scale.

GCF Executive Director ad interim Javier Manzanares said KawiSafi Ventures has great potential in its ability to act as a role model for similar renewable energy investments in other countries.

“While the establishment of off-grid solar power will initially target at least 10 million energy-scarce people in Rwanda and Kenya, this fund has elements which could be replicated in bringing universal, low-emission power to communities elsewhere,” Manzanares said. “A key benefit of KawiSafi Ventures is the way it empowers solar power entrepreneurs at the grassroots level to leapfrog the need for fossil fuels in lighting up people’s lives.”

About Acumen

Acumen is changing the way the world tackles poverty by investing in companies, leaders and ideas. We invest patient capital in businesses whose products and services are enabling the poor to transform their lives. Founded by Jacqueline Novogratz in 2001, Acumen has invested more than $115 million in 113 companies across Africa, Latin America, South Asia and the United States. We are also developing a global community of emerging leaders with the knowledge, skills and determination to create a more inclusive world. Learn more at www.acumen.org.

About KawiSafi Ventures

KawiSafi is a nearly $70 million venture capital fund that invests in fast-growing companies leading the new energy revolution. We put capital to work for good. Our goal is to drive clean energy access for millions of low-income people in East Africa while making competitive returns for investors. We believe the future of East Africa is a low-carbon economy. Decentralized energy solutions have a role to play and KawiSafi’s portfolio is constructed to foster synergies across this ecosystem. Its portfolio companies are emerging leaders in residential and commercial energy products, consumer financing, and more. Together, this ecosystem is bringing off-grid energy access to low-income customers and communities. Learn more at www.kawisafi.com.

Media Contact:
Carolyn Bielfeldt
Acumen
cbielfeldt@acumen.org
646.747.3968

SANY’s business performance of 2018 hits the best record in history

CHANGSHA, China, April 17, 2019 /PRNewswire/ — SANY Heavy Industry (hereinafter referred to as SANY) released the annual report of 2018, saying that the enterprise achieved annual sales revenue of 55.822 billion yuan (8.329 billion USD), year-on-year growth of 45.61 per cent; the net profit attributable to shareholders of the listed company reached 913 million USD, year-on-year growth of 192.33 per cent.

SANY machines displayed at Bauma 2019

SANY Heavy Industry has got remarkable achievements in 2018, hitting the best record in its history.

Main products dominate the leading place in the market

According to the annual report, SANY excavator reached sales revenue of 2.87 billion USD, year-on-year growth of 40.8%, which has been the top seller in the domestic market for 8 years. Due to SANY’s leading R&D capacity, its excavators have world-class quality and competitiveness in the global market.

Concrete machinery reached sales revenue of 2.53 billion USD, year-on-year growth of 34.64 per cent, ranking No.1 brand around the world; hoisting machinery reached sales revenue of 1.39 billion USD, year-on-year growth of 78.26 per cent with market position promoted significantly; piling machinery reached sales revenue of 698 million USD, year-on-year growth of 61 per cent, ranking No.1 brand in China for its continuously rising market share.

Rapid growth in overseas market

SANY’s overseas sales revenue reached 2.03 billion USD, year-on-year growth of 17.29 per cent.

The rapid growth was contributed by SANY’s 8 overseas sales regions including southeast Asia, Indonesia and Latin America as well as overseas industrial parks such as SANY India, SANY Europe and SANY America.

It’s worth mentioning that the sales of excavators had rapid growth in the overseas market with market share remarkably increased in the past year.

Digital and intelligent transformation

SANY’s digital and intelligent transformation had fruitful achievements in 2018.

The corporation fully pushed forward digitalization and intelligent upgrading in marketing, R&D, supply chain, finance and service, carrying out a series of digital projects such as PLM, CRM, SCM and GSP in order to make manufacturing equipment interconnect with sales facilities.

Remarkable achievements in R&D and innovation

As of 2018, SANY had applied for 8,107 patents and authorized 6,657 patents, ranking No.1 in the domestic industry.

In 2018, SANY rolled out a number of new products including H series excavators SY155H, SY225H, SY305H, SY395H, the first wheeled hydraulic excavator SY155 and all-terrain crane SAC2200T.

SANY enhanced the research and development on intelligent, unmanned and environment-friendly products including intelligent excavators, unmanned rollers, unmanned off-road crane SRC600C and remote controlled all-terrain crane SAC1100S.

Awards given for good brand reputation

In 2018, Liang Wengeng, chairman of SANY Heavy Industry, was awarded “The top 100 outstanding private entrepreneurs in the past 40 years of reform and opening-up” and was listed as “The 50 most influential business leaders in China in 2018” by Fortune Magazine.

SANY also won the honors of “the most admired Chinese companies in 2018”, “the top 500 enterprises of China”, “the most influential innovative companies” and “the Chinese brand achievement award in the past 40 years of reform and opening up”.

What’s more, SANY has been the most prestigious brand of Chinese construction machinery users for 10 years. SANY SY395H excavator won the top prize “Golden finger award” of “the top 50 annual products in 2018 of Chinese construction machinery”; SANY SR285R-C10 rotary drilling rig won the gold award of market performance for its overwhelming domestic market share.

For more details:
Sales hotline:
86-0731-84038018
Official website: http://www.sanyglobal.com/

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Photo – https://mma.prnewswire.com/media/872310/SANY_at_Bauma_2019.jpg

ETHICS COMMITTEE PUBLISHES LAST REGISTER OF MEMBERS’ INTERESTS FOR 5TH PARLIAMENT

Parliament, The Joint Committee on Ethics and Members’ Interests has resolved to release the Register of Members Interests’ for 2018 as per the Code of Ethical Conduct and Disclosure of Members’ Interests for the National Assembly and Permanent Council Members.

As per Item 9.2.3 of the Code of Conduct, the closing date for submissions of Disclosure forms was 10 October 2018. However, the committee announced in the Announcements, Tablings and Committee Reports No 184-2018 that it had resolved to accept all disclosures submitted after the closing date.

The committee continues to reiterate the importance of the ethical disclosure of interests and acknowledges the commitment to this principle shown by all Members of Parliament from both Houses. The work of the committee is to create public trust and confidence in public representatives and to protect the integrity of Parliament. The production of this register also reinforces accountability.

Source: Parliament