ISSF invests $150,000 in Jordan’s NEXT Renewable Energy
Nov 03 2021
Jordan-based Innovative Startups and SMEs Fund (ISSF) has announced its $150,000 investment in Jordan-based alternative energy provider NEXT Renewable Energy Company. The funding round came as a business sustainer for the Jordan-based startup, as operations struggle with the pressures of the pandemic, and is aligned within a greater vision of sustainable and impactful investment by ISSF.
Founded in 2002, Jordan-based NEXT Renewable Energy Company provides specialized solar thermal (ST) and photovoltaic (PV) solutions. NEXT extends solar-dependent designs, fuel-saving solutions, desalination systems, and heavy fuel oil (HFO) tank heating for both commercial and industrial clients across the hotel, hospital, textile, and food industries.
Amidst a general deal drop in Emerging Venture Markets across Mena, a drop in early-stage deals (<$500,000) has been a rather significant shift in deal flow dynamics. Early-stage funding rounds in MENA recorded 30 per cent less share of total deals by Q3 2021, a 38 per cent drop compared to Mena’s record of 78 per cent in 2018. [...]