ⓘ Source: Press release
Dubai-based Mawaad Environmental Services (formerly, Ecofer Global Services) has raised a $6.5 million sum in a Series A funding round whilst signing a 10-year agreement with Emirates Steel, Abu Dhabi; and EZZ Steel, Egypt. The round was led by Ahmed Sadek El Sewedy, who contributed half of the proceeds, Muhammed Yesilhark and Youcef Oudjidane, elite athletes from the UK also participated in the round, including Kieran Gibbs, Henri Lansbury, Ross Barkley, and Jack Wilshere.
The company through its subsidiaries in Abu Dhabi and Cairo, Egypt, provides services to global steel industries with a key 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 company’s unique proposition is to save significant cost for the steel companies 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.