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Startup of the week: Solaxy Group

In this edition, we speak to Abbas Mashaollah, Founder and CEO of the Solaxy Group - a leading environmental green tech company providing possible solutions for global warming and climate change - to learn more about carbon credit industry and the challenges facing entrepreneurs in this space.

Tell Us About Your Company

Abbas: Solaxy Group is a greentech company at the forefront of designing and developing environmental projects that create value through the generation of carbon credits and green energy. Our projects are meticulously designed and aligned with the latest methodology frameworks, ensuring each project's registration with reputable carbon registries like Verra and Gold Standard. We have also pre-launched the Solaxy Marketplace, a revolutionary platform democratizing the carbon market. It allows individuals and businesses to directly engage with project developers, offset their carbon footprints, and invest in projects that resonate with their core values, facilitating a new era in climate investment.

What Made You Become an Entrepreneur?

Abbas: My journey into climate mitigation spans over 27 years, driven by a familial legacy committed to leaving the planet greener for future generations. Witnessing the impacts of climate change firsthand, I was compelled to engage the public in meaningful environmental projects through awareness and financing. Carbon credits serve as a pivotal tool in this venture, incentivizing public participation and unlocking funding for vital projects.

What Is the Most Challenging Part of Running Your Own Startup?

Abbas: Educating the public about climate change and carbon credits represents our most significant challenge. The carbon credit industry is nascent, and overcoming the general lack of knowledge requires a concerted effort. However, as awareness grows and the impacts of climate change become more evident, we are beginning to see a shift in public perception.

What Is the Biggest Challenge You Have Faced When Looking for Funding?

Abbas: The limited public understanding of carbon credits often complicates our funding efforts, necessitating extensive education on carbon credits as a distinct asset class before we can even begin to highlight our achievements and project impacts.

What Is the Most Rewarding Aspect of Entrepreneurship?

Abbas: The most rewarding aspect of our work is its transformative impact on the world and individual lives. Through projects like our clean cookstove initiative in Kenya, we're not only mitigating climate change but also profoundly improving the lives of hundreds of thousands. The project has led to cleaner homes, more personal time for women and children, job creation, and reduced indoor air pollution—testaments to the broader benefits of our environmental projects.

Solaxy Group is currently raising funds for two pivotal environmental projects in Kenya:

  1. Clean Water Initiative: Aimed at constructing 60 boreholes along the Kenyan boundary. This 15-year project is expected to generate over 1,500 carbon credits annually for the next 15 years, significantly impacting local communities by providing sustainable access to clean water.

  2. Clean Cookstove Initiative: This project focuses on distributing 200,000 cookstoves to underserved communities across Kenya, potentially benefiting over 800,000 individuals. Spanning 10 years, the initiative is projected to create over 7,000,000 carbon credits, contributing substantially to environmental conservation and community health improvement.

Learn more about the company on their website:

Connect with Abbas on LinkedIn:

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