Egyptian Cleantech KarmSolar Secures USD 2.4 Mn Funding

Egypt-based cleantech KarmSolar has secured USD 2.4 Mn in funding from Qatar National Bank ALAHLI (QNB ALAHLI), as part of KarmSolar’s Phase 2 expansion of existing solar microgrid solution. Phase 2 of the project consists of the addition of the battery storage system, supplied by global solar tech manufacturer Sungrow, as well as an expansion of the existing solar station’s capacity. 

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 funding will finance the solar Power Purchase Agreement (PPA) battery storage system in Egypt and boost KarmSolar’s plans to deploy battery solutions in Egypt and across the region on a larger scale.