BURN Manufacturing (BURN), a leading Kenyan clean cookstove manufacturer, distributor, and carbon project developer raised over $12 million to expand its clean cooking products across Africa.
The follow-on carbon project investment was led by Key Carbon Ltd. (“Key” or “KC”, formerly CNR “Carbon Neutral Royalty”). It was supported by Cartesian, a global private equity firm that invests in innovative projects, including those centred on decarbonization and climate mitigation.
The company says the new investment will go towards the distribution of electric cookstoves in Kenya, Tanzania, Uganda, and Zambia and biomass stoves in Nigeria, DRC, Tanzania, and Mozambique over the next two years.
In Sub-Saharan Africa, cooking with traditional cooking fuels – like firewood or charcoal – results in several negative health, environmental, economic and gender impacts. Today it is estimated that 950 million people in the region rely on traditional cooking fuels and inefficient technology.
“Since 2014, BURN’s industry-leading electr
”These products will avoid over 12 million tons of carbon emissions over the next 7 years. Last year, Key Carbon provided us with 25 million in financing to allow us to provide affordable cookstoves to customers and we are delighted to expand our partnership with Key Carbon, with the ultimate goal of raising :1 billion in carbon financing so that we can bring a clean cooking appliance to every household on the continent.” Scott added.
Through this investment in BURN’s best-in class electric and biomass cookstoves, an estimated 1.5 million people will benefit directly, while over 12 million tons of carbon will be avoided.
Carbon financing has enabled BURN to subsidize the cost of its cookstoves, making them more accessible to low-income households.
According to Luke Leslie, Co-Founder and CEO of Key Carbon Key Carbon continues to attract institutional investors and corporations into the VCM through creating appealing investable products.
”The VCM has enormous potential to accelerate climate and biodiversity action and benefit some of the world’s most vulnerable communities but requires more global asset managers and corporations to see carbon credits as an investable asset class. This latest transaction with Cartesian further endorses Key Carbon as a preferred route for investors to finance impactful decarbonization projects and access high-quality carbon credits.”
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