- uMunthu II fund makes its first waste management investment in Nigeria
Goodwell Investments and Alitheia Capital weekend announced their investment in Hinckley E-Waste Recycling Ltd.
This impact focused funding will enable the award-winning, Nigeria based recycler to create a healthier environment, safer jobs, and improved livelihoods throughout its region of operations.
Goodwell and Alitheia invested in Hinckley through uMunthu II, a fund providing smart equity to early growth stage companies throughout Africa. The investment will be used to construct a lithium-ion battery recycling facility and a lead acid battery recycling facility.
Both plants will be located in Nigeria’s Ogun State, with plans to collect and recycle up to 30,000 tonnes of e-waste per year and expand Hinckley’s export operations. uMunthu II’s investment marks Goodwell’s entry into the waste management sector, and the huge impact potential that comes with that industry.
A global problem with local solutions.
Globally, the majority of collected e-waste isn’t yet disposed of responsibly, and only 22.3% is recycled. In sub-Saharan Africa, that number is even lower, with only an estimated 1% to 15% of generated e-waste being recycled. West Africa generates 750,000 tonnes of e-waste annually, and that figure is 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, after South Africa and Egypt.
Leave a Reply
Leave a Reply
