Tag: Sweden

Mozambique gets US$43.5m from Sweden for electrification in Inhambane province

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MOZAMBIQUE – The Swedish government has provided an extra US$5 million (€4 million) to Mozambique’s state electricity company Electricidade de Moçambique (EDM) to increase power coverage in Vilanculos district, in Inhambane province, southern Mozambique, the Swedish embassy has said. With Sweden’s contribution, over 100,000 families will have access to clean and reliable energy in the district the embassy said in a statement sent to the media. “An electricity infrastructure that is stable, safe and less vulnerable to disasters related to climate change is crucial for the electrification of Vilanculos and…

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Eleven African startups get selected for Sweden’s Norrsken Impact Accelerator

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AFRICA – Eleven African startups have been selected for the Norrsken Impact Accelerator in Stockholm, Sweden, gaining access to support and potential access to funding. Founded by Niklas Adalberth, one of the founders of Swedish fintech unicorn Klarna, in 2016, Norrsken aims to help entrepreneurs solve the world’s greatest challenges. Its ecosystem consists of Norrsken House, a co-working space for over 350 impact entrepreneurs in Stockholm, the Norrsken Founders Fund, and Norrsken VC. The goal of the accelerator, which will have 20 participant startups, is to create real change through…

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Swedish furniture retailer IKEA to Open 2nd Store in Morocco

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MOROCCO – Swedish furniture giant IKEA is set to expand its presence in Morocco with the opening of a new outlet in Tetouan, Northern Morocco According to a report by Morocco World News, construction on the site has already begun and the outlet is expected to open its doors in 2021. The store is expected to occupy a physical space extending over four hectares and is believed to be a Tanger Med group initiative. If opened, the store will open a number of job opportunities in the region and will…

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Volvo launches first electric car, aims to be climate neutral by 2040

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 Sweden – Chinese owned car manufacturer has launched its first electric car under a new EV-focused brand that kicks off a company-wide shift toward electrification. The car known as the Volvo XC40 Recharge is a demonstration of Volvo’s commitment towards becoming climate neutral by 2040. Volvo announced that it had a plan of reducing its total carbon print by 40% by 2025 even as it bids to become fully climate neutral by 2040. The company aims to reach the 2025 targets through a string of measures, including generating 50% of…

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UK’s Domino’s Pizza to exit foreign markets to cut down on operational costs

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BRITAIN – Britain’s biggest pizza delivery company, Domino’s Pizza Group Plc has said that it would pull out from its loss-making international operations, sending shares higher in early trade. The move to exit four European markets comes a few months after the company announced that its CEO David Wild would retire, amidst a row with disgruntled franchisees in the UK and Ireland over commercial terms.  “We have concluded that, whilst they represent attractive markets, we are not the best owners of these businesses,” outgoing CEO Wild said. The company however…

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Sweden’s Norrsken opens East Africa startup fund and hub in Rwanda

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RWANDA – Norrsken Foundation, a co-working space and investment fund based in Sweden, has opened its tech fund and entrepreneurship hub in Kigali Rwanda to support ventures across the region. The Kigali center is Norrsken’s first launch outside of Sweden and the organization looks to open in 25 markets globally over the next decade. According to report byTechCrunch, the hub will begin with seed investments of US$25K to US$100K for early stage startups in all sectors starting this year. The groups chief executive, Erik Engellau-Nilsson, said that the fund size…

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