Nigerian e-waste recycling sector receives support from Goodwell and Alitheia, two major investors
In a significant move towards environmental sustainability and socio-economic development, the uMunthu II fund has invested in Hinckley E-Waste Recycling, a Nigerian company specializing in the recycling of electronic waste. This investment aims to enable Hinckley to recycle up to 30,000 tonnes of electronic waste annually.
Hinckley E-Waste Recycling is poised to formalize the e-waste recycling sector, create safe jobs, and protect the environment through industrial-grade recycling infrastructure. The company sources most of its e-waste from a network of local informal collectors, tapping into an emerging income stream in Africa that remains largely informal.
With electronic waste being one of the fastest-growing waste streams worldwide, this investment comes at a crucial time. In sub-Saharan Africa, only an estimated 1% to 15% of generated e-waste is being recycled. On a global scale, only 22.3% of collected e-waste is currently being recycled.
The investment in Hinckley E-Waste Recycling was made by Goodwell Investments and Alitheia Capital, two organisations deepening their focus on inclusive, climate-resilient economies. Goodwell Investments views this investment as a timely entry into one of the world's fastest-growing waste streams.
In West Africa, 750,000 tonnes of e-waste are generated annually, with that figure projected to exceed one million tonnes by 2030. Nigeria accounts for 500,000 tonnes, making it the region's largest e-waste producer and the third largest in Africa.
To address this growing problem, Hinckley E-Waste Recycling plans to construct two state-of-the-art recycling plants in Ogun State, one for lithium-ion batteries and another for lead-acid batteries. The aim is to change the informal e-waste recycling sector in Africa and promote responsible recycling and waste management.
Beyond Hinckley, the uMunthu II fund and its investors are laying the groundwork for further investments in circular economy ventures. The IYBA WE4A programme, for instance, offers financial and technical support to women-led green businesses in Kenya, Malawi, Mozambique, and Tanzania, furthering the uMunthu II fund's mission to support businesses contributing to sustainable development and circular economy practices.
In conclusion, the uMunthu II fund's investment in Hinckley E-Waste Recycling aligns with its impact-focused strategy to back early-stage companies contributing to environmental sustainability and socio-economic development in Africa. This investment is a significant step towards addressing the growing issue of electronic waste in Africa and promoting a circular economy.
[1] uMunthu II Fund: https://umunthufund.com/ [2] Hinckley E-Waste Recycling: https://hinckleye-waste.com/ [3] Goodwell Investments: https://goodwell.nl/ [4] Alitheia Capital: https://alitheiacapital.com/ [5] IYBA WE4A programme: https://iyba.org/we4a/
- This investment by the uMunthu II fund in Hinckley E-Waste Recycling is a strategic move towards financing development that focuses on social impact, particularly in environmental sustainability and socio-economic development.
- The capital infusion into Hinckley E-Waste Recycling aims to advance financial inclusion within the e-waste recycling sector, by providing safe jobs and modern infrastructure, thus formalizing an informal income stream in Africa.
- The investment in Hinckley E-Waste Recycling serves as a step towards addressing climate-change issues through the effective management and recycling of electronic waste, which is one of the fastest-growing waste streams in the world.
- With the construction of two new state-of-the-art recycling plants, Hinckley E-Waste Recycling intends to transition the informal e-waste recycling sector in Africa towards responsible recycling and waste management, promoting more circular economy practices.
- By supporting ventures like Hinckley E-Waste Recycling, the uMunthu II fund aims to expand its impact on the environment and lifestyle by encouraging sustainable, people-focused, and technology-driven growth in Africa.
- In alignment with their focus on environmental science and climate-resilient economies, Goodwell Investments and Alitheia Capital strive to create a lasting impact on various African economies, presenting opportunities for investing in home-and-garden and real-estate sectors that contribute to the circular economy and prosperous, sustainable lifestyles.
