{"id":643900,"date":"2024-09-17T00:00:00","date_gmt":"2024-09-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-lowdown-on-the-startups-graduating-this-years-climate-finance-accelerator\/"},"modified":"2024-09-17T00:00:00","modified_gmt":"2024-09-17T00:00:00","slug":"the-lowdown-on-the-startups-graduating-this-years-climate-finance-accelerator","status":"publish","type":"goinggreen","link":"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-lowdown-on-the-startups-graduating-this-years-climate-finance-accelerator\/","title":{"rendered":"The lowdown on the startups graduating this year\u2019s Climate Finance Accelerator"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s up-and-coming green startups:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/flat6labs_cfaegypt-flat6labs-cfa-activity-7235213470940450817-hfKE\/?utm_source=share&utm_medium=member_desktop\" style=\"\" rel=\"noopener\">Nine local startups<\/a> graduated the UK-backed <a target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/publications\/climate-finance-accelerator\/climate-finance-accelerator\" style=\"\" rel=\"noopener\">Climate<\/a><a target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/publications\/climate-finance-accelerator\/climate-finance-accelerator\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/publications\/climate-finance-accelerator\/climate-finance-accelerator\" style=\"\" rel=\"noopener\">Finance Accelerator<\/a> (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\u2019s next for these startups. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>First things first, what is the CFA?<\/strong> The Climate Financial Accelerator is a GBP 12.6 mn technical assistance program funded by the British government\u2019s <a target=\"_blank\" href=\"https:\/\/www.gov.uk\/guidance\/international-climate-finance\" style=\"\" rel=\"noopener\">International Climate Finance<\/a> commitment that runs in Egypt and nine other countries. The initiative is part of the UK government\u2019s efforts to support emerging economies \u201cfinance and deliver their climate commitments.\u201d Zeroing in on Egypt, the accelerator runs a 16-week program that provides local green startups with \u201cfinancial, technical, climate mitigation, and gender equality and social inclusion-focused support and advice from the program's experts.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The selected nine: <\/strong><\/p>\n<ul>\n<li><strong><a target=\"_blank\" href=\"https:\/\/agricash.app\/\" style=\"\" rel=\"noopener\">AgriCash<\/a><\/strong><strong>: <\/strong>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.<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/agrisolar-eg.com\/en\/home\/\" style=\"\" rel=\"noopener\">AgriSolar Egypt<\/a><\/strong><strong>: <\/strong>A firm that acts as a one-stop-shop for solar energy solutions \u201cwith a primary focus on cutting-edge solar pumping systems.\u201d 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. <\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.egrobots.com\/\" style=\"\" rel=\"noopener\">Egrobots<\/a><\/strong><strong>:<\/strong> 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.<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/egymag\/about\/\" style=\"\" rel=\"noopener\">EGYM<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/egymag\/about\/\" style=\"\" rel=\"noopener\">AG Biotechnology<\/a><\/strong><strong>: <\/strong>A company that specializes in insect-based bio-refinery \u2014 the first of its kind in the MENA region. It produces proteins, organic fertilizers, and animal feed from insects. <\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.hnefutures.com\/\" style=\"\" rel=\"noopener\">HNE Futures<\/a><\/strong><strong>: <\/strong>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.<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.loopmicromobility.com\/\" style=\"\" rel=\"noopener\">Loop Micromobility<\/a><\/strong><strong>:<\/strong> 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.<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/medex-smart-solutions\/about\/\" style=\"\" rel=\"noopener\">MEDEX Smart Solutions<\/a><\/strong><strong>: <\/strong>\u201cA smart logistics network\u201d that safely disposes of expired and unused medicines from pharmas and households. It operates in over 60 countries across the Middle East and Africa. <\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/plstka.com\/\" style=\"\" rel=\"noopener\">Plstka<\/a><\/strong><strong>:<\/strong> The cleantech startup\u2019s app \u201cemploys AI-optimized supply chain systems for waste management.\u201d 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.<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.plugngrow.me\/\" style=\"\" rel=\"noopener\">Plug \u2018n\u2019 Grow<\/a><\/strong><strong>: <\/strong>The startup offers hydroponic solutions and services to large agribusinesses and new growers, helping them reduce their carbon footprint. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The startups were happy with the event: <\/strong>\u201cThe 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,\u201d AgriSolar\u2019s Business Development Manager Mohamed Serag El Din told Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The emphasis on gender inclusion was a recurring theme:<\/strong> \u201cGender 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 \u2014 placing an emphasis on gender inclusion can benefit your business when you\u2019re pitching to investors,\u201d Egrobots founder and CEO Akhlad Alabhar tells us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Creating a link between startups and governing bodies: <\/strong>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 \u2018n\u2019 Grow co-founder Nouran El Said told us. \u201cThis was particularly helpful in terms of discussing the new regulations related to carbon credits.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Factoring in carbon credits is a \u201cmust\u201d for startups<\/strong>, FRA head Mohamed Farid said in his speech during the event. \u201cCarbon credits are a sweetener,\u201d he said, adding that startups need to look into how they can bank on carbon credits.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cInvestment is on hold in Egypt at the moment \u2014 especially in the agricultural sector,\u201d<\/strong> Alabhar said. \u201cHowever, there were attempts to connect us with investors and programs abroad, through which we could attain additional funds and grants,\u201d he continued. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Many of the companies are already looking to expand in the region and beyond:<\/strong> 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. \u201cThere'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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>AMEA to funnel more investments into our renewables sector: <\/strong>UAE\u2019s AMEA Power <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e0776b4-6497-4dbd-9af6-c265e8eaedbc\/amea-power-to-invest-usd-800-mn-to-develop-africa%25e2%2580%2599s-largest-solar-power-plant-and-battery-storage-projects-in-upper-egypt.-plus:-scatec,-two-int%25e2%2580%2599l-consortia-set-the-wheels-in-motion-on-renewables-projects.\" style=\"\" rel=\"noopener\">will invest USD 800 mn<\/a> to develop two renewable energy projects in Upper Egypt after inking new purchase power agreements with the Egyptian Electricity Transmission Company.<\/li>\n<li><strong>Elite Solar\u2019s planned solar panel facility is bigger and more expensive than we first<\/strong><strong> thought: <\/strong>Chinese solar panel manufacturer Elite Solar\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eb9f636-99c8-4dc9-a327-72722d4229d6\/egypt-inks-over-usd-1.1-bn-worth-of-agreements-and-mous-at-forum-on-china-africa-cooperation\" style=\"\" rel=\"noopener\">solar panel production facility<\/a> 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\u2019s first 2 GW phase is set to be complete by September 2025. (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/pulse\/elite-solar-establish-8-gw-manufacturing-hub-egypt-elitesolar-kmzze\/?trackingId=LpUhwyvcwdLvKRT%2FlMnjIQ%3D%3D\" style=\"\" rel=\"noopener\">Statement<\/a>)<\/li>\n<li><strong>Oriental Weavers goes green: <\/strong>Oriental Weavers has inked a USD 1.5 mn agreement to install a solar power plant to power one of its factories with <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/irsc\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Integrated Renewable & Sustainable Communities<\/a>. (<a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/953.pdf\" style=\"\" rel=\"noopener\">Statement, pdf<\/a>)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The accelerator is a GBP 12.6 mn technical assistance program funded by the British government<\/p>\n","protected":false},"featured_media":643901,"template":"","categories":[7266],"tags":[233,72,697,7109,246,123],"class_list":["post-643900","goinggreen","type-goinggreen","status-publish","has-post-thumbnail","hentry","category-going-green","tag-enterprise-going-green","tag-enterpriseam","tag-flat6labs","tag-going-green","tag-green-economy","tag-startups","wpautop","entry"],"acf":{"mongo_id":"91c45166-dc52-4773-8400-3eeec9f798f3","order":"16","is_powered_by":false,"story_type":"2","photo_url":"https:\/\/ent.news\/2024\/9\/1250.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The lowdown on the startups graduating this year\u2019s Climate Finance Accelerator","related_issue":[643872],"teaser":"The accelerator is a GBP 12.6 mn technical assistance program funded by the British government","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.e172c144-057d-41c7-9ac5-2b7054edb7ac.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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