31 July 2013 – The Ethiopia Angel Network (EAN), the Charlotte, North Carolina-based chapter of investment advisory firm Renew LLC’s global Impact Angel Network, closed its first investment in Ethiopia in July 2013. The EAN’s vision is to create positive financial returns and social impact through investing in high-growth companies led by sound, ethical leaders in Ethiopia.
The group invested into dVentus Technologies, a clean energy company based in Ethiopia and focused on system integration and energy efficiency solutions for renewable energy projects and advanced transportation. The angel investors began discussions with dVentus in Addis Ababa, Ethiopia in February 2013.
The investment will allow dVentus to develop prototypes of energy efficiency products including smart grid application solutions. dVentus plans to manufacture and deliver these technologies to Ethiopian and international clients. Anticipated social impacts include 200 new highly skilled, professional and primarily engineering jobs and millions of Ethiopians with access to more reliable, efficient energy.
Tip Moore, a representative of the Ethiopia Angel Network, is hopeful for the implications this investment will have for Ethiopia and other African countries. “This investment will allow dVentus to take its operations to an even greater level and help Ethiopians better manage their energy. Energy management is the wave of the future and dVentus is helping lead the way.”
Based in Washington, DC and Addis Ababa, Ethiopia, Renew manages a global network of accredited angel investors dedicated to making positive social and financial returns on their investments