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Millennium Engineers

Location

Tanzania

Sector

Energy Efficiency

Stage

Implementation
Overview

The project aims to transition the low-income sardine fishing industry in Lake Victoria away from using pressurised kerosene lamps or LED lead acid-powered batteries and unhygienic conventional methods of sardine drying, towards climate adaptation technologies. This was achieved through the distribution of 1000 efficient solar fishing lamps co-designed alongside the fisher of lake Victoria that are attached to recycled plastic flotillas.
Furthermore, and the establishment of 5 state of the art solar drying facility equipped with a capacity to dry 1.2T of sardine a day using 70% less land space.The incorporation of solar-powered technology into both fishing lamps and sardine drying facilities represents a novel approach to addressing energy-related challenges in the fishing industry.
Harnessing renewable energy sources, not only provides sustainable alternatives but also reduces dependency on traditional, environmentally harmful practices.

Investment Needs

$2 500 000

Investment Project Type:

Private

Invested Value to Date:

$1 000 000

Why Investing

1
Untapped Market Potential
Our business currently commands less than 5% of the market share in the Lake Victoria region, presenting a significant growth opportunity. With a target to distribute 1500 solar fishing lamps and operate 9 drying facilities by the end of 2024, we aim to address only a fraction of the current demand, which stands at 600,000 lamps and 450 modern drying facilities. Hence investors can appreciate the long-term potential of tapping into an underserved market with exponential growth prospects.
2
Scalability and Financial Stability
We possess operational infrastructure necessary to scale our operations and financial leverage due to government grant subsidies for our current and future business scale up. The exponential growth in demand, driven by both climatic conditions and supportive government policies favoring climate-adaptable technologies, provides a conducive environment for expansion. Applying the strategies of strategic investment allocation and prudent risk management, investors can trust in our ability to navigate growth challenges and capitalize on emerging opportunities effectively.
3
Experienced Leadership Team and Strategic Partnerships
Our company boasts a seasoned leadership team with a track record of successful execution and strategic decision-making. However, we recognize the importance of continuous improvement and are committed to addressing any existing issues within the team promptly. We have cultivated strategic partnerships with various stakeholders, including knowledge institutions, local fishing communities, global technology developers, manufacturers, and business support firms. These partnerships provide us with invaluable resources, expertise, and market insights necessary for sustainable growth. By adhering to our core values of collaboration, innovation, and integrity, we foster mutually beneficial relationships that drive innovation and create shared value for all stakeholders involved.
Diana Mbogo
Managing Director
https://www.millenniumengineers.co.tz
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