BURN Manufacturing (BURN), the industry-leading producer, retailer, and developer of clean cookstoves, has announced the closing of a $12 million follow-on investment in its carbon project from Key Carbon Ltd.
(“Key” or “KC”, formerly CNR “Carbon Neutral Royalty”). Global private equity firm Cartesian, which funds creative projects including those addressing decarbonisation and climate mitigation, is supporting the investment.
Because of carbon finance, BURN is able to lower the price of its cookstoves, increasing their affordability for low-income people.
Peter Scott, BURN’s Founder and CEO said: “Since 2014, BURN’s industry leading electric and biomass stoves are transforming the lives of over 24 million people. Now with funding from this transaction, 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 cookstoves to customers and we are delighted to expand our partnership with Key Carbon, with the ultimate goal of raising $1 billion of carbon financing so that we can bring a clean cooking appliance to every household on the continent.”
Luke Leslie, Co-Founder and CEO of Key Carbon said: “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.”
Peter Yu, Founder and Managing Partner of Cartesian commented: “BURN stoves improve our world in a myriad of ways: improving the quality of health, of life, and of our global environment. We are delighted to partner with Key Carbon to support BURN’s continued expansion across Africa.”
Over the next two years, the distribution of biomass stoves in Nigeria, the Democratic Republic of the Congo, Tanzania, and Mozambique, as well as electric cookstoves in Kenya, Tanzania, Uganda, and Zambia, will be funded by this additional investment.
In addition to avoiding over 12 million tonnes of carbon emissions, an estimated 1.5 million people will directly benefit from this investment in BURN’s best-in-class electric and biomass cookstoves.
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