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Ethiopian Electric Power (EEP) discovered 20 megawatts of geothermal power in four of the five deep wells under the Aluto Langano Geothermal Expansion Project. The depth of the wells ranges from 2,700 meters to 3,000 meters.

The expansion project to the Aluto Langano Geothermal Plant commenced in May last year with a view to increasing the power production capacity of the plant to 70 MW.

Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 22 September 2022.

Meta collaborated with the Ministry of Labor and Skills (MoLS) and Summer Media to launch Meta Boost, a business program which provides opportunities for micro, small, and medium business owners to learn about utilizing digital tools for business. The program also helps business owners to get insights on how to create meaningful relationships with customers.

During Meta Boost’s trial period, more than 7 thousand small and medium-sized Ethiopian businesses were trained on how to use Facebook, Instagram, and WhatsApp to grow their business.

Source: MoLS’ Twitter page and Fana BC

Image source: MoLS

Tsedey Bank announced that it would launch operations on Saturday with a subscribed capital of Birr 11 billion and a paid-up capital of Birr 7.8 billion. Tsedey has a total of Birr 46 billion in assets.

According to the CEO of the bank, Mekonnen Yelewmwessen, Tsedey Bank is equipped with modern technology. The bank  will have 148 branch offices when it starts operation. Its aim is to open branches in all areas of the country.

Source (including image): Fana BC

Ethiopian Airlines launched a manufacturing plant that produced insulation blanket for Boeing-737, an equipment which is used to protect passengers and crew from engine noise and frigid temperatures.

Chapa Financial Technologies, an Ethiopian fintech company, has launched a gateway service that enables organizations and business to accept and make payments worldwide using multiple channels.

The company’s founder and CEO Israel Goytom said “with more than 110 million people, Ethiopia is the second largest country by population in Africa, but fragmented payments have been a significant problem for most Ethiopian business and entrepreneurs. We have acquired and established holy-grail tools, exclusive technologies and methodologies to ensure the production of qualified hi-tech fixes for our customers. Now, business can focus on scaling their businesses while we handle their payment issues”.

Chapa was founded in 2020 by entrepreneurs Israel Goytom and Nael Hailemeriam. The National Bank of Ethiopia officially licensed the homegrown fintech company in May 2022. The company's primary mission focuses on building payment APIs and payment tools for ambitious Ethiopian businesses.

Source: Fana BC and Newsfile

Image source: Fana BC

Takele Uma, Minister of Ministry of Mines and Petroleum, announced today that his office had terminated the agreement it had with POLY-GCL Petroleum Group Holding Limited, a Chinese company. The Minister revealed that the company was unable to secure the required finance and lacked technical ability to carry out petroleum exploration.

According to Takele, his office would welcome the company if the latter works on and corrects its defects. He stated that the Ministry of Mines would implement similar measures on other companies who could not live up to the agreements they entered with the Ethiopian Government.

Source: Press release of the Minster of Ministry of Mines

Image source: Takele Uma Banti’s Twitter page

Here is the daily commodity trade data from Ethiopia Commodity Exchange (ECX) for items traded on 20 September 2022.

Aysha Wind Farm II announced that it was connected to the national grid after 16 of its wind turbines with a capacity of producing 40 MW conducted a test run.

The windfarm is located 700 km east of Addis Ababa in Shenelle Woreda of the Somali Regional State and has a capacity to generate 120 MW of power.

The wind farm’s 80% construction is now completed. It will have 48 turbines when it becomes fully operational.

Source: Fana BC

RedFox Solutions Group launched its data center, RedFox Modular Data Center (RFETH-MDC01), in the country’s ICT Park located in Addis Ababa. The data center which was built at a cost of USD 130 million is the first of the data centers which are planned to be constructed by RedFox Group.

The group, which was established by 10 Ethiopian Diaspora, started construction of the data center a year ago on 2,400 square meters of land which has now created job opportunities for 72 Ethiopians.