NAIROBI, Kenya, Mar 28 – BURN Manufacturing (BURN), a carbon project developer, has announced the completion of a follow-on carbon project investment from Key Carbon Limited (KC), formerly Carbon Neutral Royalty (CNR).
The clean cookstove manufacturer distributor investment is funded by Cartesian, a global private equity firm that invests in innovative projects, including those centered on decarbonization and climate mitigation.
The new funding will oversee the distribution of electric cookstoves in Kenya, Tanzania, Uganda, and Zambia, as well as biomass stoves in Nigeria, the DRC, and Mozambique, for the next two years.
Peter Scott, BURN’s founder and CEO, said the project is set to benefit 1.5 million people in the selected countries, a move aimed at reducing 12 million tons of carbon emissions through BURN’s best-in-class electric and biomass cook stoves.
“Now with funding we will bring our revolutionary appliances to an additional 1.5 million people. 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 cook stoves to customers,” said Scott.
“We are delighted to expand our partnership with Key Carbon, with the ultimate goal of raising one Billion in Carbon Financing so that we can bring a clean cooking appliance to every household on the continent,” he added.
Luke Leslie, Chief Executive Officer of Key Carbon, stated that the carbon financing has enabled BURN to subsidize the cost of its cookstoves, making them more accessible to low-income households.
“Cartesian will furthur endorse Key Carbon as a preferred route for investors to finance impactful decarbonization projects and access high quality carbon credits,” said Leslie.
“We are delighted to partner with Key Carbon to support BURN’s continued expansion across Africa,” added Peter Yu, Founder and Managing Partner.
