AFRICA – The Foundation for Clean Energy and Energy inclusion for Africa (CEI Africa) has announced a strategic investment of up to EUR 1 million (USD 1.1 million) in InspiraFarms Cooling, a global leader in precooling and cold chain technology.
This investment, facilitated through a convertible note, is a collaborative effort with existing investors KawiSafi and Factor[e].
InspiraFarms Cooling, following a successful Series-B round in 2020 and an investment agreement with InfraCo Africa in 2023, specializes in designing, developing, and installing efficient precooling and cold chain technology for fresh produce, flowers, and animal protein supply chains in Africa and emerging markets.
The recent commitment from CEI Africa Foundation aligns with InspiraFarms Cooling’s mission to expand its ‘Cooling-as-a-Service’ model.
With a focus on providing agribusinesses of all sizes with cooling solutions, InspiraFarms Cooling addresses critical challenges in the supply chain.
The company’s designs cater to various energy sources, including 100% off-grid solutions, offering tailor-made and standardized options.
In Africa, only 5% of fresh produce enters the cold chain, leading to a significant loss of 30-50% of perishable products.
InspiraFarms Cooling aims to bridge this gap by prioritizing sustainable and efficient precooling and cold chain technology.
The solutions, including cold rooms, precoolers, freezers, and temperature-controlled warehouses, are renewable energy compatible.
According to Julian Mitchell, CEO of InspiraFarms, “Access to quality cooling is fundamental for clients to reduce post-harvest losses, and sell more, at better prices, with lower costs, bringing both economic and climate benefits. Our focus will remain on designing, developing, installing, servicing, and financing energy-efficient cooling.”
CEI Africa Foundation’s investment will support InspiraFarms Cooling’s off-grid energy cold storage projects across Africa, catalyzing additional capital through crowdfunding for energy-efficient cold chain infrastructure.
Steven Evers, Member of the Executive Board of CEI Africa, stated, “Our investment in InspiraFarms Cooling will support the growth of the off-grid energy cold-storage sector in sub-Saharan Africa, resulting in tangible impact for smallholder farmers and catalyzing private retail investment through crowdfunding.”
The move comes at a crucial juncture, addressing socioeconomic and environmental aspects. Cold storage solutions can generate high-quality rural jobs, while mitigating food loss emissions, which account for a significant 3.7% of all greenhouse gases.
This investment follows InspiraFarms Cooling’s previous success, having deployed hundreds of units across 15 countries, providing cooling solutions to agribusinesses, exporters, logistics providers, and food distributors.
In the words of Julian Mitchell, “This support from CEI and existing investors KawiSafi and Factor[E] reflects a shared commitment to sustainable impact within the fresh produce industry.”
InspiraFarms Cooling, established in 2012, is a leading provider of advanced and sustainable cooling solutions for high-value fresh produce across Africa and emerging markets.
The company’s designs minimize food loss, maximize shelf life, reduce operational expenses, and provide access to cooling data.
With headquarters in London, UK, and offices in Italy, East Africa, and South Africa, InspiraFarms continues to lead in the field, securing investments for expansion, including a EUR 5 million (USD 5.4 million) investment from InfraCo Africa and Enterprise Project Ventures (EPV) in 2023.
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