Posted on October, 11, 2024 at 10:01 am
The Titan E-Farms project also aims to generate clean energy, with the potential to produce 50-100 MW of renewable energy through the use of waste-to-power, solar, and hydrogen technologies.
The energy produced is expected to support the farm’s operations and provide surplus power to local communities.
In addition to its environmental impact, Titan E-Farms aims to create over 5,000 direct jobs in farming, technology, and energy production, as well as indirect opportunities.
Titan Air is a key component of the project, featuring a circular farming model, where CO₂ and methane are captured and converted into algae, helping to decarbonise the farming cycle. The algae can also be used as fertiliser and fish food.
Also, the Titan E-Farms will integrate sustainable agri-solar practices, combining cultivation with solar energy production.
Aymen Boughanmi, CEO of BG Titan Group, affirmed that the Titan E-Farms initiative in Uganda will not only meet the nation’s agricultural needs but also provide a sustainable energy solution, create jobs, and support local communities, transforming the agricultural landscape of East Africa.
The US company is entering Uganda's clean energy sector and plans to expand throughout East Africa at a time when Climate Tech funding has increased significantly, from $340 million in 2019 to $344 million in 2020, $613 million in 2021, $959 million in 2022, and $1.1 billion in 2023.
However, reports indicate that startup funding is increasingly favouring African climate tech startups, with the sector receiving $325 million so far in 2024, according to the report. Also, some investors are increasing their commitment to the industry.
Despite the funding, some startups, like Hohm Energy, a South African climate startup, has halted operations and begun liquidation due to financial difficulties, despite securing $8 million in February 2024 and up to $12 million in two years.
Source: Techpoint