DEG provides $25mn funding for women-owned enterprises in Kenya

German financier DEG has provided a $25mn loan to the Co-operative Bank of Kenya, to be used to fund women-led micro, small and medium-sized enterprises (MSMEs) in the country. There is a $2.6bn finance gap faced by female-owned businesses in Kenya, according to figures from SME Finance Forum, despite more than a quarter of all Kenyan businesses being led by women. The funding is the first to use a guarantee from the EU’s Fund for Sustainable Development Plus (EFSD+), which aims to connect the private sector with global development policy.

Hysata raises $111mn for green hydrogen innovation

Green hydrogen firm Hysata has received $111mn in funding from backers including Morgan Stanley. Hydrogen – which is a component in oil refining and ammonia production – is typically produced from fossil fuels, a process that emitted 900mn metric tonnes of CO2 in 2022. Green hydrogen replaces fossil fuels with renewable sources, but remains much more expensive. Sydney-based Hysata’s technology has made the process of production – electrolysis – more efficient, meaning that less energy is needed, bringing down those costs. Investment in green hydrogen has increased massively in recent years, with the world on track to produce 9.6mn metric tonnes of green hydrogen by 2030.

Fashion emissions tracker raises $15mn

Over 150 brands– including Allbirds and Carhartt– currently rely on Carbonfact’s software to track and reduce their carbon emissions. Now the firm has secured $15mn in funding in a Series A round led by venture capitalist Alven, and tech accelerator Y Combinator, which was one of the original investors. Carbonfact reports increasing demand for the platform, which it attributes to ever-stricter carbon disclosure laws. The plan is to use this capital to support customers in reducing emissions in line with the EU Corporate Sustainability Reporting Initative, as well as funding pan-European expansion.