AEGFAdvantage Early Growth Fund
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In this sense, AEGF represents hope--and equally important, it also sends a strong signal to investors and financiers that renewable energy projects in Africa are now bankable," said George O.
Simone Schehtman, aged 35, the three-year-old company's sales and marketing director, said: "AEGF were interested in our growth as a flagship Birmingham company.
Faveo was one of the most innovative first-round venture capital deals made by the AEGF last year.
AEGF offers pounds 30 million of venture capital funds tailored to help small to medium-sized enterprises looking to access funding of between pounds 10,000 and pounds 250,000.
AEGF's capital would include contributions from an already identified group of public and private insurance and reinsurance companies with existing operations in Africa.
The EIB initiative - AEGF - once it is fully realized will facilitate projects that can offer African countries with sustainable cleaner energy alternatives to support their energy needs.
The report reveals that in 2006 AEGF - which is part of the Advantage West Midlands' Access To Finance initiative - figured in 14 investments totalling pounds 1,463,000.
Responding to the UN Sustainable Energy for All (SE4All), the EIB has set up the AEGF and it is intended to augment access to appropriate risk mitigation and credit enhancement devices for the African energy sector projects.
Kevin Caley, managing director of the AEGF, said: "Joanne's enthusiasm and determination to make Faveo a success caught our imagination, not just with the AEGF team but with about 30 private-sector investors who decided to support a company which has terrific high-growth potential in the years to come."
Once the Phase- 1 of the agreement is accomplished, ATI is likely to turn into a major partner and member in the Africa for the Africa Energy Guarantee Fund (AEGF).
3rdiSecure, from Pendeford in Wolverhampton, Reynolds Technology, from Birmingham, and Wilds Brewery, from Weobley in Herefordshire, were celebrating their success at the AEGF's annual investee company conference.