Africa Go Green Fund in $10m cookstove deal
Africa Go Green Fund in $10m cookstove deal
The Africa Go Green Fund, managed by Cygnum Capital, has agreed to invest $10 million to fund the manufacturing and distribution of efficient cookstoves produced by BURN Manufacturing.
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The Africa Go Green Fund (AGG), managed by Cygnum Capital, has agreed to invest $10 million to fund the manufacturing and distribution of efficient cookstoves produced by BURN Manufacturing, a clean cookstove manufacturer and cookstove carbon project developer.
AGG’s investment will result in the distribution of improved cooking solutions to between 50,000 – 150,000 customers in each of Mozambique, Nigeria and the Democratic Republic of Congo (DRC). BURN’s efficient cookstoves improve customer livelihoods and provide air-quality related health benefits, while mitigating deforestation.
In addition to its clean cookstove manufacturing and distribution capability, BURN has been a pioneer in developing clean cookstove projects within voluntary emission reduction carbon credit markets. The credits generated from the project will be directly leveraged to increase the affordability of the cookstoves for households in the project markets.
Peter Scott, BURN CEO said, ”We are excited about our collaboration with the Africa Go Green Fund, marking a significant step forward in our mission to bring clean and sustainable cooking solutions to over 300,000 households in Mozambique, Nigeria, and the Democratic Republic of Congo. This strategic partnership will empower communities to embrace clean cookstoves, reducing harmful smoke emissions and contributing to the critical cause of forest conservation. Together, we are dedicated to forging a path toward a more sustainable future.”
Laurene Aigrain, executive director of AGG commented, ”We are very fortunate to have teamed up with investors that back up words with action. Africa Go Green was created with the objective of pushing boundaries. This transaction will hopefully pave the way for more capital to fund projects with such clear environmental and social benefits.”
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