KBW Ventures invests in Egyptian climate technology startup
KBW Ventures invests in Egyptian climate technology startup
KBW Ventures announced its investment in NoorNation.
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KBW Ventures, founded by Khaled bin Alwaleed, a member of the Saudi Arabian Royal Family, announced its investment in NoorNation, an Egyptian climate technology startup.
Founded by Ragy Ramadan and Mohamed Khaled, NoorNation provides technology-enabled decentralised energy and water infrastructure solutions to the off-grid sector across Egypt and sub-Saharan Africa.
The company’s flagship product, LifeBox, delivers clean energy and safe water to rural communities, farms, and tourism businesses at a reasonable price. An innovative mobile solution for green infrastructure delivering clean energy and safe water at an affordable price, LifeBox is designed and manufactured in Egypt.
In an interview with AGBI, Prince Khaled said that he “saw NoorNation’s potential immediately,” during its pitch at the finals of the PepsiCo Greenhouse Accelerator Program: MENA Sustainability Edition.
Prince Khaled added, “the need and relevance for what they are doing is a win-win. Their business model fits squarely in our wheelhouse – a sweet spot of climate technology. During the final judging round, NoorNation was examined through the lens of three criteria: social need, geographic scalability, speed to market and efficiency. We use these same metrics as part of our own due diligence process at KBW Ventures, alongside a number of others.”
“This is the first startup from Egypt that we have invested in. I did a fact-finding visit to Egypt five-six years ago – mostly thinking about the sustainability and energy potential there but nothing tangible came to fruition until I saw NoorNation pitch,” said Prince Khaled.
“LifeBox is solar-powered, self-contained, and quickly deployed unit that directly contributes to the industrial localisation movement and sustainability governance. It gives peace of mind to our customers, farming and tourism businesses, and rural communities to achieve their triple bottom lines: social, financial, and environmental growth,” said Ragy Ramadan, founder and CEO, NoorNation.
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