KarmSolar’s greatest achievements have always been those of its team of incredibly talented and highly motivated employees. However, over the past 2 years, our thought-provoking business model and track record of growth have garnered the attention of the international community. These awards and recognitions are a true testament to how far we’ve come since the company’s inception in 2011.
Check out the highlights below:
Financial Times – Africa’s Fastest Growing Companies 2022/2023
The annual Financial Times ranking of the fastest growing companies in Africa is determined using data compiled by Statista, a research and infographics company that ranks companies using their respective compound annual growth rate (CAGR) in revenue over a period of time.
In 2022, KarmSolar was named the fastest growing company in Egypt and ranked 19th across Africa based on the CAGR for the time period 2017 to 2020. KarmSolar was featured in an article in which the rise of solar energy in Africa over the past few years was explored. Despite the economic challenges in Egypt, and the global economic downturn, KarmSolar managed to preserve its presence in the Financial Times list of the fastest growing companies in Africa,with a combined annual growth rate of 75.27%, in 2023. The expansion of our footprint in Egypt through our power grids to new geographies across the country aided this achievement and allowed the company to connect new clients that were previously unreachable. Through persistent organic growth, which surpassed the rate of devaluation of the Egyptian pound, the company managed to rank 19th across Africa for the second year in a row.
Fortune Magazine – Change the World 2022
Fortune’s Change the World list is dedicated to the idea that the creative tools that businesses have access to today make business “uniquely suited to addressing society’s biggest challenges”. KarmSolar was featured on the list for 2022, among 49 other organizations like Paypal and Walmart, as well as a featured article written about KarmSolar and its subsidiaries’ milestones and achievements.
Amongst the most important factors considered for the nominees were the reach, nature, and durability of the company’s impact on one or more societal problems, the profitability and contribution to shareholder value, how innovative the company is relative to others in its industry, and whether other companies have followed their example/partnered with it.
PV Magazine International – Cover Feature
The place where people go to for the latest global news and advancements in the solar world; KarmSolar was featured on the magazine cover for PV Magazine’s July edition of 2022, as well as an article narrating the story of how we came to be; the 11 year journey we took on to reach where we are today, and continue reaching. PV Magazine is a subscription-based monthly trade publication launched in 2008 for the international photovoltaics industry.
Prestigious Local Awards:
AUC Venture Lab Award
CEO and co-founder of KarmSolar, Ahmed Zahran, and the KarmSolar team received the Spring 2022 AUC Venture Lab Award for “Outstanding Entrepreneurial Endeavors and Efforts in Supporting the Ecosystem” at AUC Venture Lab’s first V-Lab summit’, followed by a fireside chat on KarmSolar’s high levels of growth, innovation, and impact on the environment.
AUC Venture Lab is Egypt’s 1st university-based startup accelerator, established in 2013 by the AUC Business School, with the initiative of supporting innovation-driven and passionate Egyptian entrepreneurs.
Egypt’s Entrepreneur Awards
Out of hundreds of nominees and across more than 15 industries, KarmSolar was the winner of the Green Award of Egypt’s Entrepreneur Awards.The EEA is Egypt’s very first annual awards ceremony commemorating the country’s brightest, most innovative entrepreneurs with businesses that have made social entrepreneurship the core of their operations, by combining environmental innovation with economic success in the form of a viable business model, in collaboration with the American Chamber of Commerce.
Onwards and Upwards
We’d like to believe that these testimonials of success follow naturally from our dedicated approach and ambitious vision in our journey towards building an institution capable of disrupting the energy sector by providing sustainable solutions to the market.