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Hewatele, a medical oxygen producer in Kenya, has secured a $20 million funding package from Finnfund, the US International Development Finance Corporation (DFC), Soros Economic Development Fund (SEDF), UBS Optimus Foundation and Grand Challenges Canada.
Hewatele will use the debt and equity funds raised to finance the building of a liquid oxygen (LOX) manufacturing facility on the outskirts of Nairobi. The investment will also expand Hewatele's regional distribution network across strategic locations within Kenya. Moreover, the initiative seeks to double the existing production and distribution capacity at hospital-based sites, specifically for medical oxygen delivered in pressurised gas cylinders (GOX).
Georgia Levenson Keohane, chief executive officer of SEDF said, “As a catalytic social impact investor focused on direct impacts and longer-term, systemic change, SEDF sees the investment in Hewatele as an important commitment to strengthening Africa’s rapidly expanding healthcare sector.”
Maya Ziswiler, CEO of Optimus Foundation said, “UBS Optimus Foundation invests in organisations that demonstrate clear impact and innovative and scalable business models. That’s why we were early supporters of Hewatele, as we see the impact and value of their business model and are now pleased to make a longer-term commitment for them to reach even more undersupplied rural and urban communities in East Africa with affordable and life-saving medical oxygen.”
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