Mawaad Environmental Services raises $6.5M in Series A funding round
Mawaad Environmental Services, which provides critical services for the global steel industry with a focus on slag processing and metal recovery, has closed a $6.5M Series A funding after the company signed a 10-year operating agreement with Emirates Steel in Abu Dhabi and EZZ Steel in Egypt.
• The company aims to be a leader in the circular economy and resource recovery industry in the Middle East, North Africa, and Turkey region; focusing on innovative technologies that extract the full economic and environmental value from industrial byproducts, wastes, and materials.
• Mawaad’s operations and sales focus on achieving the most benefit by applying a “cradle to cradle” business model, which ensures that all end products of the operation are sold for manufacturing or production purposes once again
• The round was led by Ahmed Sadek El Sewedy, who contributed half of the proceeds, Muhammed Yesilhark and Youcef Oudjidane, and also includes participation from several elite athletes in the U.K.
Read the full press release below.
Mawaad Environmental Services (previously called Ecofer Global Services) has closed a $6.5M Series A funding after the company signed a 10-year operating agreement with Emirates Steel in Abu Dhabi and EZZ Steel in Egypt. The Dubai based company, together with its subsidiaries in Abu Dhabi and Cairo, provides critical services for the global steel industry with a focus on slag processing and metal recovery. The company aims to be a leader in the circular economy and resource recovery industry in the Middle East, North Africa, and Turkey region; focusing on innovative technologies that extract the full economic and environmental value from industrial byproducts, wastes, and materials.
The $6.5M round was led by Ahmed Sadek El Sewedy, who contributed half of the proceeds, Muhammed Yesilhark and Youcef Oudjidane, and also includes participation from several elite athletes in the U.K. including Kieran Gibbs, Henri Lansbury, Ross Barkley, and Jack Wilshere.
Steel slag, a byproduct of Steelmaking, contains a significant and recoverable amount of metal that can be used again in steel making; saving the steel companies significant money on raw material and reducing the overall carbon footprint of steel making across the entire supply chain. The non-ferrous slag is crushed, screened to size, and sold to various industries such as cement, concrete, block manufacturing, agriculture, and other end users that can benefit from its physical and chemical properties.
Mawaad’s operations and sales focus on achieving the most benefit by applying a “cradle to cradle” business model, which ensures that all end products of the operation are sold for manufacturing or production purposes once again. This eliminates landfilling costs or environmental hazards while reducing the operating costs of all the participating industries which benefit from a lower cost of raw materials and saves valuable natural raw material for future generations.
Mawaad’s project with Emirates Steel commenced operations in the first quarter of 2020, while the Ezz Steel project is projected to start operations at the end of 2020.
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