BURN Manufacturing, a leader in clean cookstove production, has announced a significant investment exceeding $12 million to advance clean cooking initiatives across Africa. The investment, facilitated by Key Carbon Ltd. and backed by Cartesian, aims to address the challenges posed by traditional cooking fuels in Sub-Saharan Africa.
With approximately 950 million people in the region relying on inefficient cooking methods, the need for sustainable alternatives is paramount. BURN’s electric and biomass cookstoves offer a promising solution, providing clean and affordable cooking options.
The investment will support the expansion of BURN’s clean cookstoves in key African markets such as Kenya, Tanzania, Uganda, Zambia, Nigeria, DRC, Tanzania, and Mozambique over the next two years. This expansion is expected to directly benefit 1.5 million individuals and mitigate over 12 million tons of carbon emissions.
Peter Scott, Founder and CEO of BURN, expressed optimism about the partnership with Key Carbon, emphasizing its transformative impact on households across Africa. “Our goal is ambitious: to secure $1 billion in carbon financing to ensure universal access to clean cooking appliances,” Scott remarked.
Luke Leslie, Co-Founder and CEO of Key Carbon, highlighted the significance of attracting institutional investors to the Voluntary Carbon Market (VCM) for advancing climate and biodiversity initiatives. The collaboration with Cartesian further strengthens Key Carbon’s role in funding decarbonization projects.
Peter Yu, Founder and Managing Partner at Cartesian, commended BURN’s contribution to environmental sustainability. “BURN’s stoves offer numerous benefits, from improving health to enhancing the global environment. We are excited to support BURN’s growth journey across Africa,” Yu stated.
With this investment, BURN is poised to accelerate its mission of delivering clean cooking solutions to underserved communities, promoting health and sustainability across the continent.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
5th April, 2024
