Riyadh – Sharikat Mubasher: KBW Ventures, founded by Prince Khaled bin Alwaleed, announced pumping new investment in NoorNation, an Egyptian climate technology startup.
Founded by Ragy Ramadan, NoorNation provides technology-enabled decentralized energy and water infrastructure solutions to the off-grid sector across Egypt and Sub-Saharan Africa, according to a press release.
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.
Prince Khaled said in a statement that he “saw NoorNation’s potential immediately” during its pitch at the finals of the PepsiCo Greenhouse Accelerator Programme: MENA Sustainability Edition. The finals, staged in Dubai, UAE, followed a rigorous multistage selection process and six months of mentorship.
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.”
Recently named the Best Green Tech Startup of the Year across Northern Africa by the Global Startup Awards 2024, NoorNation was chosen from more than 180 applicants and showcased LifeBox to various stakeholders and investors over the course of the program.
Ragy Ramadan, founder, and CEO of NoorNation, said: “LifeBox is a solar-powered, self-contained, and quickly deployed unit that directly contributes to the industrial localization 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.”
All startups that participated in the program received an initial grant of $20,000 and one-on-one mentorship from PepsiCo and external partners over a six-month span, who guided them on everything from R&D to business models, marketing, and fundraising.
The second iteration of PepsiCo’s Greenhouse Accelerator Programme: MENA Sustainability Edition was held in partnership with the UAE Ministry of Climate Change and Environment (MOCCAE) and Food Tech Valley (FTV).