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Prize software program awards Aftrak the $1 million Grand Prize to advance inexperienced vitality in Africa
OMNIVAT awarded runner-up prize of $250,000
The businesses additionally launch a brand new FinTech Award within the subsequent arrange of the Prize program winners can be picked in Might 2025
LOS ANGELES & JOHANNESBURG, Might maybe 06, 2024–(Enterprise enterprise WIRE)–The Milken Institute and the Motsepe Foundation now introduced the winners of the Milken-Motsepe Prize in Environmentally pleasant Electrical energy, a $2 million innovation stage of competitors to reward entrepreneurs doing the job to develop acquire to respected, very inexpensive, and sustainable off-grid electrical energy in Africa. The winners had been introduced on the Milken Institute World large Conference in Los Angeles.
Aftrak, an initiative centered out of the Uk and Malawi, was awarded the $1 million Grand Prize for its conveniently assembled photo voltaic microgrid and custom-intended tractors, which have tripled agricultural yield, elevated farmer incomes, and provided electrical energy to distant communities. The runner-up award of $250,000 was provided to South Africa-centered OMNIVAT for its containerized vitality technology and storage system, which presents cleanse water, totally clear energy, and Wi-Fi enriched by digital actuality help for distant communities.
The Milken-Motsepe Prize in Environmentally pleasant Energy is the 2nd within the Milken–Motsepe Innovation Prize Software program, a sequence of multiyear, multimillion-greenback world innovation competitions and awards aimed toward advancing technological improvement towards the UN Sustainable Enhancement Targets (SDGs). The primary ranges of competitors on this system, the Milken–Motsepe Prize in AgriTech, was launched in 2021, and focused on addressing the targets of no poverty and reaching zero hunger.
Rigorous Judging Course of
Following launching in November 2022, tons of of enterprise homeowners from 79 international locations on six continents registered to contend for the Milken-Motsepe Prize in Inexperienced Electrical energy, and 160 of those submitted technological format and group variations. In June 2023, an neutral panel of expert judges diligently chosen 20 semifinalists to acquire $20,000 to amass and take a look at their enhancements.
Every particular person of the groups underwent a demanding, neutral judging process, which assessed their innovation’s alternative to offer 60 kilowatt hrs of off-grid electrical energy in a 24-hour interval making use of solely sustainable sources. 5 groups had been being then chosen to advance to the Finalist Spherical. Each crew acquired an extra $70,000 and showcased their enhancements in a reside demonstration in partnership with Stellenbosch College in South Africa.
“Convention the teams and witnessing their function and willpower to resolve one specific of essentially the most vital difficulties coping with Africa was genuinely inspiring,” defined Dr. Treasured Moloi-Motsepe, co-founder and CEO of the Motsepe Basis. “We congratulate the Inexperienced Electrical energy winners and all of the finalists. Your enhancements present such assure, and we can be seeing with delight as you carry your applied sciences to market.”
The third Milken-Motsepe Prize, focused on FinTech, launched on the 2024 Milken Institute Worldwide Assembly. The prize will award corporations that display using cutting-edge techniques to broaden entry to money and economical services and products for modest corporations in rising and frontier marketplaces.
The Milken-Motsepe Prize in FinTech presents $2 million in prizes, with a $1 million Grand Prize for the profitable enterprise. Registration is open up until August 6.
The transformative alternative of FinTech lies in its potential to empower women and men to get began and mature a small enterprise, even in essentially the most distant communities. By lowering transaction bills, streamlining processes, and increasing entry to funds and cash companies, FinTech can allow aspiring enterprise individuals to remodel their ideas into actuality. The Milken-Motsepe Prize in FinTech is developed to leverage the doubtless of FinTech choices to separate down boundaries to monetary inclusion and contribute to the accomplishment of key SDGs, together with assuaging poverty (SDG 1), promoting human perfectly-remaining (SDGs 3 and 4), reaching gender equality (SDG 5), and fostering possible financial alternatives for youthful people (SDGs 8 and 9).
Milken-Motsepe Innovation Prize Have an effect on
“The results of Milken-Motsepe Innovation Prizes goes effectively past the financial awards,” talked about Dr. Emily Musil Church, senior director, environmental and social innovation on the Milken Institute. “It is a world-wide neighborhood of enterprise homeowners who contemplate in imagining and creating a superior, much more ample, and sustainable complete world. Our operate is to determine and assist these daring entrepreneurs and to allow pace up their success.”
The Milken-Motsepe Innovation Prize Software program is a program of MI Philanthropy, which goals to affect the deployment of philanthropic cash to develop a better atmosphere. MI Philanthropy’s function consists of the Science Philanthropy Accelerator for Examine and Collaboration (SPARC), which has, to day, affected far more than $2 billion in healthcare evaluation funding.
For a lot extra information concerning the winners and the Milken-Motsepe Innovation Prize Program, check out https://milkenmotsepeprize.org/.
ABOUT THE MILKEN INSTITUTE
The Milken Institute is a nonprofit, nonpartisan contemplate tank focused on accelerating measurable progress on the trail to a big existence. With a consider monetary, precise bodily, psychological, and environmental general well being, we deliver collectively the easiest strategies and progressive resourcing to amass blueprints for tackling a few of our most important worldwide troubles via the lens of what’s urgent now and what’s coming upcoming. For lots extra information, go to milkeninstitute.org.
ABOUT THE MOTSEPE Foundation
The Motsepe Foundation was based in 1999 by Dr. Patrice Motsepe and his partner, Dr. Vital Moloi-Motsepe. The target of the Motsepe Foundation is to contribute within the route of eradicating poverty and to sustainably make enhancements to the residing illnesses and benchmarks of residing of insufficient, unemployed and marginalised individuals in South Africa, Africa and the world. In January 2013, Dr. Patrice Motsepe and Dr. Treasured Moloi-Motsepe joined the Offering Pledge, which was commenced by Warren Buffet and Invoice and Melinda Gates. Dr. Patrice Motsepe and his partner totally commited to present 50 p.c of their prosperity to the awful and for philanthropic makes use of throughout their life time and additional than. For additional information, check out https://www.motsepefoundation.org/.
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