The National Bank of Pakistan (NBP) and EveryWater (EW), a Pakistani innovative startup, signed an agreement under which the NBP will provide funding to help this startup founded by a group of young chemical engineers bring its innovative water purification solution to market.
The gathering took place in a hotel. While speaking at the ceremony, NBP president Arif Usmani said that he believes that investing is about more than just profits, and that he wants to make a difference rather than follow in the footsteps of other commercial banks.
Usmani said, “My vision is to invest in projects that can have a positive impact in Pakistan.”
EveryWater was founded by Shayan Sohail, Usama Tanweer, and Arslan Ahmed, three young graduates of the University of Engineering and Technology in Lahore, according to Syed Javed, the company’s CEO.
EveryWater developed a proprietary polymer technology known as “esoterik resistive membrane,” which is also known as intrinsically biofilm resistant membrane.
The EW’s ERM was protected by patents in 82 countries around the world. According to him, the EW has created and tested safe and affordable water purification solutions for individuals, households, communities, agriculture, and industry.
The EW products would last for years without the need to upgrade equipment or membranes, allowing for off-grid water purification. The effect of ERM technology on society is becoming more widely recognised. The founders’ growing international acclaim is shown by the numerous international awards they have won.
Forbes recently named the EW team to its Forbes 30 under 30 Asia list. For their creative and impactful work, they have also received the Commonwealth Youth Prize, the prestigious YGS Belgium award, and the “Take of Istanbul Award.” Following its thematic drive toward impactful investment, the National Bank has formed an equity partnership with the EW.
This ground-breaking and inclusive investment in a startup not only allows the EW to enter the market, but it also sends a clear signal to other startups that the National Bank of Pakistan is open to creative and viable startups entering the market or scaling up.
Syed Javed described the EveryWater journey and how his passion for water led him to Shayan Sohail and his team, who were developing a groundbreaking water filtration technology. He went on to express gratitude to the Hashoo Group and the NBP for their investment in this project.
EveryWater’s ultimate aim, according to Javed, is to make desalinated seawater accessible so that everyone has access to safe drinking water. The Hashoo Group’s deputy chairman and CEO, Murtaza Hashwani, thanked NBP president Arif Usmani for the investment in EveryWater.
Zohair Ashir gave a brief overview of the Hisaar Foundation, which he created. He told the audience about how he met Javed, a man who expressed his enthusiasm for resolving the water crisis.