Introduction
NoorNation, an Egypt-based climatetech startup, has received an undisclosed investment from KBW Ventures, the investment firm founded by Saudi Prince Khaled bin Alwaleed. This strategic investment marks KBW Ventures’ first foray into the Egyptian startup ecosystem, signaling a significant endorsement of NoorNation’s innovative approach to decentralized energy and water infrastructure solutions.
Revolutionizing Off-Grid Solutions in Africa
Founded by Ragy Ramadan, NoorNation has made a name for itself by providing technology-enabled solutions aimed at delivering clean energy and safe water to off-grid sectors across Egypt and Sub-Saharan Africa. The company’s flagship product, LifeBox, is a mobile, solar-powered unit designed and manufactured in Egypt, offering an affordable and sustainable solution for rural communities, farms, and tourism businesses.
LifeBox has quickly gained attention for its ability to support the industrial localization movement and promote sustainability governance. By delivering reliable energy and water infrastructure, LifeBox helps its users achieve social, financial, and environmental growth, aligning with the principles of the triple bottom line.
Recognizing Potential in NoorNation
Prince Khaled bin Alwaleed, a vocal advocate for sustainability and innovation, first encountered NoorNation during its pitch at the finals of the PepsiCo Greenhouse Accelerator Programme: MENA Sustainability Edition. The finals were held in Dubai, UAE, following a rigorous selection process that involved multiple stages and six months of mentorship.
Impressed by NoorNation’s potential, Prince Khaled saw the company’s mission as perfectly aligned with the values and investment strategy of KBW Ventures. He highlighted the startup’s relevance in addressing critical social needs, its potential for geographic scalability, and its efficiency in reaching the market as key factors in his decision to invest.
NoorNation’s Growing Recognition and Impact
NoorNation’s success in the PepsiCo Greenhouse Accelerator Programme is just one of many accolades the company has received. Recently, the startup was named the Best Green Tech Startup of the Year across Northern Africa by the Global Startup Awards 2024. This recognition further validates NoorNation’s innovative approach to tackling climate challenges in the region.
The company’s participation in the accelerator program provided a valuable platform to showcase LifeBox to various stakeholders and investors. Throughout the program, startups like NoorNation received initial grants of $20,000 and one-on-one mentorship from PepsiCo and other partners, covering areas such as R&D, business models, marketing, and fundraising.
