Egyptian climate startup NoorNation gets funding from Saudi investor
TLDR
- NoorNation, an Egypt-based climate-tech startup, secures investment from KBW Ventures for scaling operations in delivering green infrastructure.
- Founded in 2021 by Ragy Ramadan, NoorNation focuses on decentralized energy and water solutions for off-grid areas in Egypt and Sub-Saharan Africa.
- Flagship product LifeBox offers clean energy and safe water to rural communities, farms, and tourism businesses in the region.
Egypt-based climate-tech startup NoorNation has secured an undisclosed investment from KBW Ventures, the venture capital firm founded by Saudi Prince Khaled bin Alwaleed, to scale its operations and further its mission of delivering green infrastructure to underserved regions.
Founded in 2021 by Ragy Ramadan, NoorNation specializes in providing decentralized energy and water infrastructure solutions to off-grid sectors across Egypt and Sub-Saharan Africa.
The company’s flagship product, LifeBox, is a mobile solution designed and manufactured in Egypt that offers clean energy and safe water to rural communities, farms, and tourism businesses.
Points clés à retenir
Despite Africa contributing only 3.8% of global greenhouse gas emissions, the continent is disproportionately impacted by climate change. A 2023 survey revealed that over 110 million people on the continent were directly affected by weather, climate, and water-related hazards in 2022, resulting in more than $8.5 billion in economic damages. However, emerging venture capital-backed innovators are working to change Africa’s climate fortunes. In 2022, climate-tech funding in Africa surged 3.5 times to over $860 million, making it the continent’s most funded sector after fintech. Last year, climate startups accounted for nearly half of all venture capital activity in Africa.
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