Astra Energy Inc. Establishes Itself in Africa Investing in Clean and Renewable Energy Projects

Rhea-AI Summary

Astra Energy Inc. (ASRE) has initiated joint ventures to develop renewable energy projects in Africa, addressing the region's growing energy demands. The company established its subsidiary, Astra Energy Africa, and obtained necessary licenses to operate in Uganda, with plans to replicate this in Tanzania and Zanzibar. Collaborating with local firms, Astra aims to raise affordable financing and provide technical expertise for energy projects. These efforts align with the International Renewable Energy Agency's goals for 2030, promoting sustainable energy solutions in Africa.

Positive

• Established a wholly owned subsidiary in Africa, enabling operations in Uganda.
• Acquired trading and investment licenses in Uganda, facilitating business activities.
• Signed joint ventures with local firms to enhance project execution and financing.

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• None.

SAN DIEGO, Dec. 09, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Astra Energy Inc. (OTC Pink Sheets: ASRE) (“Astra” or the “Company”), a renewable and waste-to-energy project developer and technology acquisition company, announces initiation of joint ventures to develop and deploy energy transformation opportunities to meet Africa’s rising demands for modern renewable energy sources.

Astra Energy is taking giant steps to achieve its vision of developing clean energy projects that empower communities, protect the environment and shape a sustainable energy landscape for future generations.

In November 2021, Astra Energy Inc. established itself in Africa through the creation of a wholly owned subsidiary called Astra Energy Africa. The Company successfully completed the legal registration process, enabling it to conduct business beginning in the country of Uganda.
Additionally, Astra acquired both trading and investment licenses registered with the government of Uganda’s public procurement authority. A similar process is being completed in Tanzania and neighboring Zanzibar.

As a market penetration strategy, Astra has signed multiple memorandums of understanding in joint ventures with both M&E Associates, one of Uganda’s biggest and most experienced local engineering consulting firms, and Muttico Technical Services Ltd., a large, local high voltage powerline and substation construction and maintenance contractor. The two companies will benefit from both Astra’s ability to raise affordable project financing and its team of highly experienced technical personnel that has been gathered to propel the projects forward successfully.

The growing population and economic progress in Africa mean energy demands have soared, and a viable path to prosperity includes safeguarding Africa’s abundant renewable resources and introducing modern renewable energy sources to reduce the use of traditional biomass and provide access to reliable electricity. Astra’s involvement in Africa will play a transformative role in the transition to a sustainable energy future to accelerate the development of renewable energy goals set by the International Renewable Energy Agency (“IRENA”) for 2030.

About Astra Energy Inc.

Astra Energy Inc. is an emerging company in project development and renewable energy technology. The Company invests in and develops renewable and clean energy projects in markets where demand is high, supply is limited and there is opportunity to address other imminent market needs, while cultivating a portfolio of intellectual property and global licenses for innovative renewable energy technology and generating projects to deploy that technology.

Astra’s corporate strategy is rooted in securing technologies and assets; identifying viable market opportunities; and bringing together resources, expertise, technology and defined action plans to execute first-in-class projects that benefit communities, local economies, the planet and the Company’s investors.

For further information about Astra Energy, please visit the Company’s website at: www.astraenergyinc.com

Corporate Communications:
Heidi Thomasen
IR@astraenergyinc.com
1-800-705-2919

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FAQ

What recent developments has Astra Energy (ASRE) announced for Africa?

Astra Energy has initiated joint ventures and established a subsidiary in Africa to develop renewable energy projects, starting in Uganda.

How is Astra Energy (ASRE) addressing energy demands in Africa?

The company is focusing on renewable energy solutions to meet the rising energy demands due to Africa's population growth and economic progress.

What licenses has Astra Energy (ASRE) obtained in Uganda?

Astra Energy has acquired both trading and investment licenses registered with Uganda's public procurement authority.

What are Astra Energy's (ASRE) plans for expansion in Africa?

The company plans to complete a similar licensing process in Tanzania and Zanzibar to enhance its market presence.

Which local partners is Astra Energy (ASRE) working with in Uganda?

Astra is collaborating with M&E Associates and Muttico Technical Services Ltd. to support its energy projects.