BURN, Kenyan-born clean cookstove manufacturer, has received $80 million from Trade and Development Bank Group (TDB Group) according to a report by Business Tech Kenya.
Burn will use the debt and results-based financing from TDB and its concessional arm, the Trade and Development Fund (TDF) to expand its operations in Mozambique, the Democratic Republic of Congo (DRC), and Zambia to serve around 430,000 households across the region.
“This ‘first of its kind’ investment will utilize TDB Group funds to provide a significant subsidy to customers in exchange for the future value of the carbon credits,” said Peter Scott, Founder and CEO, BURN.
BURN’s IoT-enabled cooking appliances are setting a new standard for carbon credit integrity as well as setting higher pricing, the financing will help BURN to launch its revolutionary induction and biomass cookstoves to 429,127 households across Mozambique, DRC and Zambia.
The deal will also support the rollout of BURN’s industry-leading ECOA biomass and IoT-enabled induction cookstoves, which are designed to reduce emissions, eliminate indoor air pollution, and lower household fuel costs. Once deployed, these stoves will generate CORSIA-eligible, ICVCM-compliant carbon credits at scale. The project is expected to positively impact over 2.1 million people and prevent approximately 3 million tonnes of CO₂ emissions.
“This platform and partnership represent the kind of bold, regional innovation we need to close the energy access gap,” said Erik Fernstrom, World Bank incoming Regional Director for Infrastructure for Eastern and Southern Africa. “By enabling African entrepreneurs to grow and deliver at scale, ASCENT is a vital part of Mission 300 – and of the regional push to achieve universal access. This is just the beginning.”
Since 2011, BURN has sold over 5.4 million clean cooking appliances and currently operates in 14 African countries, with production facilities in Kenya, Nigeria, Tanzania, and Malawi. The funding will help BURN expand its footprint across the continent.
Mary Kamari, TDF Executive Director, added: “The Trade and Development Fund (TDF), with the deployment of performance-based grants to support qualifying energy companies, demonstrates how it is possible to blend commercial and catalytic finance, leveraging digital technology to tackle one of the continent’s most profound challenges: access to modern and clean energy.”
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