Riyadh, Saudi Arabia: – PepsiCo has announced that Okeanos, a Saudi sustainable innovation company developing technologies to immediately reduce plastic pollution, is one of the ten companies selected for the first MENA edition of the Greenhouse Accelerator program following a rigorous multi-stage judging process.
The MENA edition of the PepsiCo Greenhouse Accelerator program launched last year and received nearly 70 applications from aspiring start-ups in the region. The six-month initiative will focus on an initial grant to support operations and help launch or scale their innovation. In addition, the program seeks to enhance innovation in the sustainability space through collaboration with purpose-driven brands from the MENA start-up ecosystem that share PepsiCo’s vision for a more sustainable food system.
PepsiCo is already committed to an accelerated, sustainable growth agenda in Saudi Arabia. It has placed focus on enhancing market recycling rates and triggering recycling behavioral change by placing key infrastructure in compounds, malls, schools and sports complexes across Jeddah, Dammam, Abha and Riyadh. Moreover, in 2021, PepsiCo installed 15 smart, solar-powered sorting machines to collect and sort empty plastic bottles in Makkah, placed 80 recycling stations at the race start in Jeddah of the Dakar Rally, and in 2021 Aquafina was the official hydration partner of the ABB FIA Formula E Championship in Diriyah, installing several recycling stations on-site to encourage visitors to recycle.
As a longstanding investor in Saudi Arabia, PepsiCo is a committed partner in the Kingdom’s Vision 2030 and their aim of safeguarding the environment by increasing the efficiency of waste management and establishing comprehensive recycling projects and investment in the Kingdom’s circular economy, which forms the central focus of PepsiCo’s sustainability agenda.
A specially curated selection committee comprised of high-ranking PepsiCo executives ranked the start-ups across five key criteria including sustainability alignment to PepsiCo Positive (pep+), strategic synergy with PepsiCo, scalability, relevance to MENA, and the potential to be a breakthrough innovation.
Judges in this edition looked for startups that are accelerating environmental sustainability in the food and beverage industry through disruptive technologies focused on sustainable packaging alternatives, packaging reduction, recycling processes, and sustainable recycling behavior modification. The Greenhouse Accelerator Program aims to push for solutions and innovations in the packaging space that will help not only PepsiCo, but also other industries in accelerating the change needed for a more sustainable food system.
The ten selected companies will each receive an initial grant of USD 20,000 to support their business, along with guided mentorship from PepsiCo subject matter experts. At the end of the program, the final winner will receive a USD 100,000 grant from PepsiCo and have access to a growing network of influential experts and investors, logistics facilities, and growth through capacity building.
“The PepsiCo Greenhouse Accelerator program is an example of how we are building a positive value chain and prioritizing circularity and inclusivity through PepsiCo Positive (pep+), our strategic end-to-end transformation framework. We have received applications from an outstanding group of start-ups that are innovating in the field of sustainable packaging, and over the next six months, look forward to supporting them and contributing to helping the region as it doubles down on unleashing the potential of disruptors,” said Aamer Sheikh, CEO, Middle East – PepsiCo.
The program will feature one-on-one mentorship, giving entrepreneurs access to PepsiCo executives and business accelerator experts, who can share advice and guidance on research and development, business models, product development, regulatory practices, and market activation. Their expertise can also help businesses overcome challenges in supply chain, marketing, distribution, manufacturing, packaging, label claims, fundraising and other elements of their operations.
The selected startups will also have the opportunity to showcase their innovation to reputable technology industry professionals at the Step Conference – a major regional event that PepsiCo is partnering with and sponsoring this year.
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 $79 billion in net revenue in 2021, 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 PepsiCo Positive (pep+). pep+ is our strategic end-to-end transformation that puts sustainability 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
About the ten companies chosen for the ‘2021- 2022 PepsiCo Greenhouse Accelerator: MENA Sustainability Edition’:
- Okeanos ® is a sustainable innovation company developing calcium carbonate technologies to immediately reduce plastic pollution. This reduces plastic content by up to 65% and CO2 by up to 67% today.
- Nadeera is a social enterprise that leverages technology to promote waste sorting at source. Their product – Return, is the first Trash for Cash system in the MENA region that is not fully automated. They focus on citizen engagement, proactiveness, and building sustainable habits that contribute to reducing domestic waste.
- Cycled Technologies AS, provides an Artificial Intelligence powered SmartBin that sorts recyclables from general waste at the point of disposal. The technology also offers rewards to users based on the quantity and quality of their recyclables.
- Tridentech (Terrax) can transform your waste into Terrax durable products, such as pallets, logistics containers, flooring, shelving, furniture, and waste pipes.
- Al Tabeeah is a trading company dealing in compostable, biodegradable, and eco-friendly products and packaging solutions. Their products are mostly made of compostable materials such as Areca Leaves, Bagasse, Sal Leaves and Kraft paper to meet three intents – Reduce, Reuse, Recycle.
- We4Recycle is a platform for packaged sustainable initiatives for households, and targets initiatives surrounding Reducing, Reusing, and Recycling.
- MEHNA (Faya Largo) MEHNA’s main activities revolve around finding and implementing sustainable solutions for the industrial sector, with a specialization on the recycling sector in Jordan and the MENA region.
- eRecycleHUB is a disruptive innovation that introduces a new value, product, or business for managing recyclables. It proposes to digitize the scrap trading business and use technology in waste management and recycling.
- Diwama provides an AI-based image recognition software that automates waste analysis to drive recycling revenues for waste management companies.
- Live Love recycle (LLR) was created in 2017, as a response to the waste crisis that happened in 2015 in Lebanon. Its core mission is to make recycling easier by digitizing the waste management sector.
© Press Release 2022
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.