The Milken Institute and the Motsepe Foundation have declared the victors of the Milken-Motsepe Prize in Green Energy, a competition that awards $2 million to innovators working to enhance access to reliable, affordable, and sustainable off-grid energy in Africa.
The prize-giving took place at the Milken Institute Global Conference in Los Angeles, USA.
Aftrak, a venture from the UK and Malawi, clinched the $1 million top prize with its easily deployable solar microgrid and specially designed tractors that significantly boosted agricultural productivity, increased farmers’ incomes, and provided power to remote areas.
South Africa’s Omnivat secured the $250,000 second-place prize for its modular power generation and storage system, which delivers clean water, energy, and Wi-Fi with virtual reality support to rural areas.
The Green Energy Prize is part of the Milken-Motsepe Innovation Prize program, which hosts a series of global competitions to propel technological advancements aligned with the UN Sustainable Development Goals.
The inaugural competition in 2021, the Milken-Motsepe Prize in Agri-tech, targeted the elimination of poverty and hunger.
For the 2022 Green Energy Prize, entrepreneurs from 79 countries on six continents applied, with 160 presenting their technology designs and business plans.
In June 2023, an independent panel of judges selected 20 semi-finalists, each receiving $20,000 to develop and test their concepts.
The evaluation process rigorously assessed each innovation’s capacity to generate 60 kilowatt hours of off-grid electricity over 24 hours using renewable resources.
Five teams advanced to the finals, receiving an additional $70,000 and showcasing their solutions in a live demo at Stellenbosch University in South Africa.
Dr. Precious Moloi-Motsepe, co-founder and CEO of the Motsepe Foundation, praised the teams’ commitment to addressing one of Africa’s most pressing issues. She congratulated the winners and finalists, expressing anticipation for their market entry.
The 2024 Milken-Motsepe Prize focuses on fintech, announced at the Milken Institute Global Conference. It rewards enterprises that facilitate small businesses’ access to finance and financial services in developing economies.
The Fintech Prize offers $2 million in total awards, with a $1 million Grand Prize. Registration is open until August 6, 2024.
Dr. Emily Musil Church, senior director at the Milken Institute, emphasized the broader impact of the Innovation Prizes, highlighting the global community of entrepreneurs dedicated to envisioning and creating a better, more prosperous, and sustainable world. The Institute’s mission is to support these entrepreneurs and expedite their achievements.
