Karmsolar Announces New Minority Stake Round
The Egyptian energy startup aims to spearhead the private solar energy market's growth in Egypt by introducing innovative and integrated solutions across the industrial, agricultural, commercial and tourism sectors.
KarmSolar has raised a new round of capital to fund its local and regional expansion plans.
US-based Synergy Consulting supports the new investment round as the sell-side advisor. It will 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.
Ahmed Zahran, CEO and Co-founder of KarmSolar, said: “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.”