Billionaire Kenyan investor Julius Mwale has made an entry into the Democratic Republic of Congo (DRC) market where he will be establishing a solar battery manufacturing plant.
Mwale is will be among the key partners who will be undertaking the project in partnership with US firm, KE international.
The project will seek to power cities in Kenya and the rest of Africa including DRC.
"We are investing in building a 16 Gigawatt (16 terawatt) battery manufacturing plant in the DRC, to help power our smart cities in Kenya and the rest of Africa," Mwale in a press statement on Tuesday.
The deal for the project was realized during the Global Conference with world leaders and global executives held in early May.
The billionaire struck a deal worth Sh684 billion with different financiers and partners towards the realization of the battery plant.
“The new partnerships will enable us to expand the MMTC model across Africa, where we have secured 18 locations for smart cities expansion," Mwale added in the press statement.
The plant is being built next to Cobalt and Nickel mines belonging to the tycoon in DRC.
The electric battery market is estimated to be worth 45 trillion dollars between now and 2050.
Electric batteries were the 38th most traded product in 2020 at 67 billion dollars according to OEC, an MIT data analysis firm.
"This is expected to solve the supply chain issues, in battery supplies in the world. The batteries will also be used to power electric vehicles, bicycles, and for residential and commercial purposes," Mwale said.
This is one of the many megaprojects that Mwale will be undertaking in Africa considering his Sh200 billion Medical and Technology City (MMTC) in Kenya is still in progress.
The city is anchored by a hospital, a solar power plant, a commercial shopping district, a golf district, residential homes, an innovation hub and an airport district.
The City has thousands of solar streetlights with battery storage.
The locals were integrated into the City without being displaced and had access to the hospital's universal health care program.
