Innovex in Uganda, a specialist in data processing and monitoring of solar energy systems, has concluded a financing deal with four Belgian entrepreneurs. Entrepreneurs for Entrepreneurs (OVO) facilitated the agreement.
Innovex, who has an association with the Makerere University in Kampala, has been working on its innovative solution for a few years now. The company specializes in collecting and processing data from systems that are related to solar energy. They map out consumption and adjust it where necessary. Faults can also be detected early and diagnosed remotely. The Innovex hardware and software guarantees the best possible yield from the solar energy systems.
OVO oversees this company and called on Belgian entrepreneurs and financiers to support Innovex in the form of a social loan of EUR 20,000, spread over 2 years. The agreement was signed and sealed during the Sustainable Technology for Africa event in Kampala by Innovex CEO Douglas Karugaba. The financial injection came from Thierry Deflandere, coordinator of the OVO investment team, Jan Flamend, founder of Valueselling, Frans Verschelden, CEO Moore Stephens Europe and Johan Geysen, responsible for New Venture Management at VITO.
“This is a beautiful example of how OVO can offer support to young innovative businesses in Africa by transfer of knowledge and by facilitating investment”, says OVO general manager Bjorn Macauter.
More about Innovex