Egyptian energy startup KarmSolar announces new minority stake round
KarmSolar, Egypt’s leading private power utility and solar energy company, has raised a new round of capital to fund its local and regional expansion plans.
KarmSolar aims to spearhead the growth of the private solar energy market in Egypt through the introduction of innovative and integrated solutions across the industrial, agricultural, commercial and tourism sectors.
The new investment round is supported by US-based Synergy Consulting as the sell-side advisor, and will be used to support existing power generation and distribution businesses and enable new verticals such as solar water desalination solutions provider KarmWater and electric mobility venture KarmCharge to flourish.
“Through the minority stake sale, we are seeking a new partner to join KarmSolar’s current shareholders and its strategic shareholder, EDF Renouvelables, in supporting the next stage of our journey. These are exciting times for the future of smart, connected utility platforms and we plan to be at the forefront of this paradigm shift in our region,” said Ahmed Zahran, CEO and co-founder of KarmSolar.