Athar Accelerator Graduates Fifth Cohort, Awards Top Climate Startup
TLDR
- Athar Accelerator's Climate Action Accelerator Program concludes 5th cohort, DFC wins EGP150,000 prize for solar-powered mobile charging stations for electric vehicles
- Program funded by Embassy of Finland in Cairo and Hivos, in partnership with Creativa Innovation Hubs, supports startups tackling environmental challenges
- Demo day showcased 10 startups in renewable energy, eco-friendly biopesticides, organic fertilizers, and sustainable furniture, launching Green Manifesto for green startup support in Upper Egypt
Egypt-based Athar Accelerator has concluded the fifth cohort of its Climate Action Accelerator Program, with DFC, a startup developing solar-powered mobile charging stations for electric vehicles, winning a prize of EGP150,000 ($3,000).
The program, funded by the Embassy of Finland in Cairo and Hivos, and in partnership with Creativa Innovation Hubs, supports startups tackling environmental challenges. The demo day showcased 10 startups addressing sectors such as renewable energy, eco-friendly biopesticides, organic fertilizers, and sustainable furniture.
Other standout startups included Fertical, which produces eco-friendly biopesticides, and Vermi Valley, turning agricultural waste into compost. The event also launched the Green Manifesto, a commitment to supporting green startups in underserved regions of Upper Egypt.
Key Takeaways
African climate tech startups have raised over $3.4 billion since 2019, showing growing private sector interest. However, the continent needs $277 billion annually to meet its 2030 climate goals. Experts suggest addressing risks like currency instability to attract investors and expanding focus to sectors such as flood protection and disaster management. Diverse funding methods are also recommended. Despite challenges, climate tech investments are rising: in 2022, startups raised $1.04 billion, a 9% increase from 2021 and triple the 2019 figure, according to Africa: The Big Deal. This growth occurred despite overall startup funding declining on the continent. The climate tech sector encompasses renewable energy, carbon removal, land restoration, and water and waste management. While progress is evident, significant investment gaps remain in achieving Africa's climate objectives.
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