Financial technology firm, Valu, announced a strategic partnership with KarmSolar, a pioneer in renewable energy solutions, to launch a new Electric Vehicle (EV) charging network in District 5, Cairo. This initiative, spearheaded by KarmSolar’s newly formed subsidiary, Karm, aims to enhance the sustainability of Egypt’s transportation infrastructure.
EV charging stations
The new network will feature EV charging stations within District 5, including its residential areas, where users will benefit from Valu’s seamless payment solutions via the Karm application. Karm, KarmSolar’s latest venture, focuses on developing and managing EV charging infrastructure nationwide, supporting the shift towards green transportation.
“Valu is dedicated to fostering sustainable communities through our innovative financial solutions. This collaboration with KarmSolar will expand Egypt’s EV charging infrastructure within one of East Cairo’s most dynamic developments. We aim to enhance the accessibility of solar energy technology and encourage eco-friendly practices among District 5 residents”, said Walid Hassouna, CEO of Valu in a statement.
Ahmed Zahran, CEO of KarmSolar, stated: “Our commitment to advancing sustainable technologies is strengthened through this partnership with Valu. This collaboration will extend our impact to the progressive District 5 community, aligning with our mission to foster positive environmental change across Egypt and North Africa.”
This partnership underscores both Valu and KarmSolar’s dedication to environmental sustainability and community development. By integrating Valu’s technological expertise with KarmSolar’s innovative solutions, the initiative aims to accelerate Egypt’s transition to a more sustainable future. Currently, Egypt hosts approximately 13,192 licensed electric vehicles, with demand continuing to grow.
District 5, developed by Marakez, is a significant addition to Cairo’s real estate landscape, bridging New Cairo with the emerging New Capital.
Other developments
In Egypt, efforts have been made to encourage the adoption of EVs in the local market. Banque Du Caire launched in April financing programs aimed at accelerating the adoption of sustainable technologies in Egypt, including offering loans for EV purchases and solar panel installations.
In September 2023, The Egyptian Cabinet granted the golden license to private company EgyptSat Auto to build and operate a factory that will begin producing EVs by the end of 2024. It will produce electric passenger cars, busses, motorcycles, and charging stations, with investments worth EGP 300 million.
Moreover, the Arab Academy for Science, Technology, and Maritime Transport (AASTMT) announced that it will produce and market the first electric car in the Egyptian market in 2024 in partnership with EgyptSat Auto and local EV sales.
In June 2022, Egypt launched its national strategy for developing the automotive industry that targets positioning Egypt as a main gateway for emerging vehicle markets in Africa and building robust commercial and investment links with key regional trade partners to ensure sustainable development growth in Egypt and the region.
