EVs, but make them power banks

Imagine a South Africa where parked electric vehicles (EVs) double as power stations— feeding energy back into homes, businesses, and even the national grid. That future sure looks brighter. 

Zimi, an EV charging startup, has secured $320,000 (R6 million) in grant funding from the Energy and Environment Partnership (EEP Africa Trust Fund) to make that future a reality. 

The startup will investigate and develop real-world pilot applications to test its vehicle-to-grid (V2G) technology, a technology that allows electric vehicles to charge from the power grid and send electricity back when needed. 

This groundbreaking innovation comes at a crucial moment for South Africa. 

With escalating electricity prices and grid instability impacting daily life, V2G technology offers a compelling solution: turning fleets of electric vehicles into backup energy sources. Selected as one of just 32 projects funded out of 530 applications, Zimi aims to build a solution that works for customers without compromising grid stability. 

Zimi's long-term business model is to partner with major logistics providers to support their transition to electric vehicles, helping them reduce both operational costs and carbon emissions. The V2G model will play a key role in enabling this shift.

With global automakers introducing bi-directional charging capabilities, like the recently launched Volvo EX90, Zimi’s vision is gaining momentum. 

If Zimi's innovation is successful, this effort could prove that the future of energy is about smart, sustainable circulation.

In more Southern African news, Mosothos are reacting differently to the country’s recent licence for Elon Musk’s Starlink. 

Caught between a rock and a hard place, Lesotho granted Starlink a 10-year licence to operate in the country, letting go of its 30% local ownership criteria. This move was heavily influenced by US tariff pressure and a desire to improve the country’s ties with the US. 

ICYMI: The US had earlier placed a 50% tariff on the country’s exports before it was paused for 90 days. That move threatened to cut over 12,000 factory jobs.

Although Starlink’s presence will improve internet penetration in the southern African country, civil watchdog groups are unsatisfied with the terms of the deal.

Section Two, for instance, isn’t buying the pro-growth narrative. The group called the move “a betrayal,” citing the lack of transparency in the deal. The group worries that the country’s digital future is now entirely in foreign hands.

While Section Two’s argument may be something for the government to consider, Starlink offers a better alternative to local internet providers. 

These local telecom operators are slower, patchy, and cash-strapped. Vodacom Lesotho, which serves more than half of the country's population, is a big fish in a small pond. Vodacom, its parent company, prefers to invest resources in its bigger markets like South Africa and Egypt, which bring in more revenue—and with tougher competition—leaving its Lesotho business to plateau. 

Econet Lesotho is the only other telecom competitor in the country, and it focuses on fixed-line services, having no play in the mobile broadband market. With no real threat, there's little incentive to innovate. Starlink could change that. Musk’s space routers offer immediate reach—and this could be a lifeline for schools, clinics, and businesses in Lesotho's remote areas.

For Lesotho, the deal’s done, the ink's dry, Starlink's coming, and it brings with it a much needed competition in the country's telecom space.

After holding fire for over four years, Egypt's Central Bank finally cut its key benchmark rates across deposit, lending, and operations on Thursday. The 225 basis points (bps) cut brings Egypt’s interest rates to 25%, 26%, and 25.5% respectively.

Before the decision, analysts expected the Central Bank of Egypt (CBE) to slash interest rates by as much as 300bps amid the global uncertainty in the ongoing US-China trade war.

While Egypt's inflation accelerated in March to 13.6%, it is still way below its 2023 inflation when the country was strapped for cash and faced a free-falling currency.

Still, March 2025’s mild uptick in inflation was what gave CBE the leeway to lower interest rates at such a crucial time.

The rate cut couldn’t have been more timely, as Egypt’s economy needs a jumpstart. The country’s economic growth fell in 2024, and the government wants to ease borrowing costs for businesses and push investment back into gear—especially with major infrastructure projects launching soon.

But the rate cut isn’t just an Egyptian story.

On April 10, Kenya cut its benchmark rate to 10%. On Thursday, the European Central Bank (ECB) also cut its deposit facility rate by 25bps to 2.25%. And in the US, President Donald Trump has appealed to the Fed to cut rates, arguing it is overdue.

It’s not just Egypt easing up. With Trump's tariffs in focus, central banks around the world are starting to move in the same direction. Slowing inflation and weak growth are also likely pushing policymakers to shift gears. 

No one wants to ease too fast and rattle its currency, but no one wants to be left behind in a global softening cycle either. Egypt's rate decision isn't just about inflation. It’s about attracting investment capital and making sure its next development chapter—whether railways, exports, or fintech—has the breathing room to grow.

This week, the South Africa-based payments infrastructure company Stitch announced a $55 million Series B funding round. QED Investors led the round, which also included new investors Flourish Ventures, Norrsken 22, and Glynn Capital. (April 16)

Here are the other deals for the week:

• Nigerian cleantech startup Arnergy has secured $15 million in Series B funding. CardinalStone Capital Advisers led the funding round with participation from Breakthrough Energy Ventures, British International Investment, Norfund, EDFI MC, and All On. (April 14)
• Moroccan regtech startup VOVE ID secured an undisclosed investment from The Baobab Network. (April 11)
• Egyptian quick commerce startup Rabbit has received undisclosed funding from blue-chip investors, including Lorax Capital Partners, Global Ventures, Raed Ventures, and Beltone Venture Capital, alongside existing investors such as Global Founders Capital, Goodwater Capital, Hub71, Simple Capital, and Foundation Ventures. (April 15)

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