- PepsiCo, SABIC, AstroLabs and partners open applications for the Mega Green Accelerator program, which was launched at COP28
- Start-ups in MENA region have until 15th March to submit their scalable, sustainable solutions
Dubai, United Arab Emirates – 21 February 2024 – The Mega Green Accelerator is now open for applications from startups in the Middle East and North Africa (MENA) region that focus on circular economy solutions, clean energy transition and climate mitigation technologies, including water and agriculture. The initiative will nurture the next generation of innovators as they develop solutions to address both regional and global sustainability challenges. PepsiCo and SABIC have partnered with AstroLabs, as well as with other strategic partners to create the program, which was announced at COP28 in the UAE.
For the first round of the Mega Green Accelerator program, the priorities will focus on innovation in the circular economy, as well as transitions in clean energy, water, and agriculture. Entrepreneurs in the program will receive six-months of mentorship with industry experts, access to networks and business opportunities, provided by the program partners and some of the most prominent business leaders in the region. At the end of the program, one winning company will be awarded seed funding to continue its expansion.
Established and revenue-generating start-ups that are developing business models related to processes, products, and/or technologies and support the program’s key focus areas are invited to apply. Applications for the six-month mentorship program are open until March 15th at https://astrolabs.com/themegagreenaccelerator/.
“The Mega Green Accelerator is a testament to the power of collaboration and innovation. We’re witnessing a growing number of young entrepreneurs in the region venturing into disruptive ideas. Research indicates their need for more holistic infrastructure, resources, funding, and mentorship to scale these initiatives. We already know that innovative climate technologies are necessary to slow down and adapt to the impact of climate change and extreme weather. The potential for cultivating a network of MENA-based innovators addressing the most pressing sustainability challenges in the region is phenomenal and this has all the makings of a story that can scale further wins on multiple fronts and for multiple stakeholders – but most importantly, for our shared planet,” said Eugene Willemsen, CEO, Africa, Middle East, and South Asia, PepsiCo and CEO of International Beverages.
“As the Gulf addresses climate change, the region is increasingly becoming a global testbed for innovative solutions that meet the current demand for sustainability. We have partnered with PepsiCo, SABIC, and other strategic partners to drive an influx of regional and global businesses; this collaboration is dedicated to accelerating the development of these businesses within the Gulf’s sustainability sector, supporting them to expand, operate and grow across the region. In line with our vision to build sectors, we are excited to steer development in the region’s climate tech sector by connecting diverse businesses that can drive innovation in this strategic industry – helping these companies capitalize on the right opportunities, with the right people, and at the right time in this sector,” said Roland Daher, Chief Executive Officer of AstroLabs.
Strategic investment partners like Dubai Future District Fund, Venture Souq and Shurooq Partners will provide platforms for investment opportunities, mentorship in raising capital, and networking opportunities. They will also inform startup criteria and participate in the selection process to maximize investment success.
Ecosystem partners London Business School Entrepreneurship Club, Berytech, American University of Cairo Venture Lab, SOSV, Clyde & Co, Intersect Hub, SEE Institute, the Sharjah Research Technology and Innovation Park and the Mohammed VI Foundation for Environmental Protection will source applicants through their networks, amplify Accelerator knowledge and communicate progress through their channels. Schneider Electric will support the Accelerator as a prize partner, participating in the final selection of participants.
Investment into climate change mitigation solutions is critical in the MENA region, where temperatures are warming almost two times faster than the global average. That elevates the importance of private sector initiatives that support the UAE’s bold sustainability goals.
Apply for the Mega Green Accelerator at: https://astrolabs.com/themegagreenaccelerator/. To stay updated on news related to the Mega Green Accelerator, follow on Instagram, Facebook, LinkedIn, X (Twitter), and YouTube.
ENDS
About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $91 billion in net revenue in 2023, driven by a complementary beverage and convenient foods portfolio that includes Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, and Quaker. PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with pep+ (PepsiCo Positive). pep+ is our strategic end-to-end transformation that puts sustainability and human capital at the center of how we will create value and growth by operating within planetary boundaries and inspiring positive change for planet and people. For more information, visit www.pepsico.com, and for Middle East updates follow on X (Twitter), Instagram, Facebook, and LinkedIn @PepsiCoMiddleEast.
About SABIC
SABIC is a global diversified chemicals company, headquartered in Riyadh, Saudi Arabia. It has more than 31,000 employees worldwide and operates in around 50 countries. It manufactures on a global scale in the Middle East, Americas, Europe and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high-performance plastics, agri-nutrients and metals. Fostering innovation and a spirit of ingenuity, SABIC has 9948 patents and pending applications, and has significant research resources with innovation hubs in key geographies around the world. SABIC supports its customers by identifying and developing opportunities in key end-use applications such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation, and clean energy.
About AstroLabs
AstroLabs is the leading business expansion platform in the Gulf, propelling high-growth companies across strategic industries. With a decade of supporting economic development in emerging markets, AstroLabs is the partner of choice for over 1,500 companies that have expanded across the region, engaging a vibrant community of 10,000+ market leaders in the UAE and KSA.
Bridging key gaps in fundamental industries in the Gulf, AstroLabs designs sector-focused and outcome-driven programs in partnership with government entities and the private sector. AstroLabs is committed to building the future of key sectors, driving market access, and contributing to regional visions like Saudi Vision 2030.