Egypt’s up-and-coming green startups: Nine local startups graduated the UK-backed ClimateFinance Accelerator (CFA) run in partnership with Flat6Labs late last month. Enterprise attended the graduation ceremony and spoke to some of the founders and higher ups to gauge the impact the accelerator had and to get the inside scoop on what’s next for these startups.

First things first, what is the CFA? The Climate Financial Accelerator is a GBP 12.6 mn technical assistance program funded by the British government’s International Climate Finance commitment that runs in Egypt and nine other countries. The initiative is part of the UK government’s efforts to support emerging economies “finance and deliver their climate commitments.” Zeroing in on Egypt, the accelerator runs a 16-week program that provides local green startups with “financial, technical, climate mitigation, and gender equality and social inclusion-focused support and advice from the program’s experts.”

The selected nine:

  • AgriCash: An agritech platform that provides interest-free financing for farmers to help them adopt solar energy and sustainable agriculture in their practices using a buy now, pay later system.
  • AgriSolar Egypt: A firm that acts as a one-stop-shop for solar energy solutions “with a primary focus on cutting-edge solar pumping systems.” The company offers a wide range of services including solution selection, maintenance, technical support, and implementation supervision, as well as high quality solar products and services for the agricultural sector.
  • Egrobots: An agritech platform that looks to digitize farming using robotics and AI analytics to provide digital solutions for farmers to improve crop productivity, reduce resource consumption, and promote sustainable practices.
  • EGYMAG Biotechnology: A company that specializes in insect-based bio-refinery — the first of its kind in the MENA region. It produces proteins, organic fertilizers, and animal feed from insects.
  • HNE Futures: A cleantech startup that develops, manufactures, installs, and maintains e-mobility hardware charging solutions. The startup also has its own software app that helps businesses track their EVs.
  • Loop Micromobility: An e-scooter sharing service that specializes in the adoption of electric vehicles. Its platform helps new entrepreneurs start and expand their own vehicle-sharing businesses.
  • MEDEX Smart Solutions: “A smart logistics network” that safely disposes of expired and unused medicines from pharmas and households. It operates in over 60 countries across the Middle East and Africa.
  • Plstka: The cleantech startup’s app “employs AI-optimized supply chain systems for waste management.” It allows users to exchange their solid trash for discounts on an array of services. It also provides in-app competitions to help raise awareness about waste management.
  • Plug ‘n’ Grow: The startup offers hydroponic solutions and services to large agribusinesses and new growers, helping them reduce their carbon footprint.

The startups were happy with the event: “The accelerator was very helpful for us, especially in teaching us how to pitch to investors, and how to measure our impact in terms of ESG, gender inclusion, and the things that investors keep track of,” AgriSolar’s Business Development Manager Mohamed Serag El Din told Enterprise.

The emphasis on gender inclusion was a recurring theme: “Gender and social inclusion was a big part of the event, and the accelerator helped us articulate and present how our company supports female empowerment in the agricultural sector — placing an emphasis on gender inclusion can benefit your business when you’re pitching to investors,” Egrobots founder and CEO Akhlad Alabhar tells us.

Creating a link between startups and governing bodies: The accelerator also helped connect startups with authorities like the Financial Regulatory Authority and the IMF, where there’s usually a big gap in terms of access and reach, Plug ‘n’ Grow co-founder Nouran El Said told us. “This was particularly helpful in terms of discussing the new regulations related to carbon credits.”

Factoring in carbon credits is a “must” for startups, FRA head Mohamed Farid said in his speech during the event. “Carbon credits are a sweetener,” he said, adding that startups need to look into how they can bank on carbon credits.

“Investment is on hold in Egypt at the moment — especially in the agricultural sector,” Alabhar said. “However, there were attempts to connect us with investors and programs abroad, through which we could attain additional funds and grants,” he continued.

Many of the companies are already looking to expand in the region and beyond: AgriSolar is planning to up its distribution channels in Egypt and is looking to expand into Lebanon, Jordan, Morocco, and Saudi Arabia. The company is currently in the process of speaking to distributors in Morocco and Saudi Arabia, and plans to expand into at least one of them in 2025, Serag El Din told Enterprise. “There’s no choice but to look abroad,” he said. Agricash is also looking to expand into new markets in the Middle East and Africa upon receiving seed funding, while Egrobots is looking at the GCC.

Your top green economy stories for the week:

  • AMEA to funnel more investments into our renewables sector: UAE’s AMEA Power will invest USD 800 mn to develop two renewable energy projects in Upper Egypt after inking new purchase power agreements with the Egyptian Electricity Transmission Company.
  • Elite Solar’s planned solar panel facility is bigger and more expensive than we first thought: Chinese solar panel manufacturer Elite Solar’s solar panel production facility will cost a total of USD 150 mn, up from the USD 100 mn we first heard. Likewise, the factory will have a production capacity of 8 GW, up from the 2 GW we first thought and reported. The project’s first 2 GW phase is set to be complete by September 2025. (Statement)
  • Oriental Weavers goes green: Oriental Weavers has inked a USD 1.5 mn agreement to install a solar power plant to power one of its factories with Integrated Renewable & Sustainable Communities. (Statement, pdf)
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