By Faridat Salifu
Burn, a pioneering start-up headquartered in Nairobi, Kenya, has raised $12 million in carbon finance. The funds will be deployed to distribute environmentally-friendly stoves across at least eight African countries in the coming months.
Burn said it is leveraging carbon financing to accelerate its efforts across the continent.
According to reports, the recent investment of $12 million comes from Key Carbon, formerly known as Carbon Neutral Royalty (CNR), based in Vancouver, Canada, signaling a significant step forward for Burn’s mission.
Backed by private equity firm Cartesian, Burn says it plans to utilize this capital infusion to subsidize the distribution of biomass stoves in countries such as the Democratic Republic of Congo (DRC), Nigeria, Mozambique, and Tanzania.
Additionally, the funding will support the provision of electric stoves to households in Kenya, Tanzania, Zambia, and Uganda.
Burn aim is to positively impact the lives of 1.5 million people in the coming years through its environmentally-friendly cooking solutions.
According to Peter Scott, founder and CEO of Burn, these eco-friendly stoves are projected to prevent over 12 million tonnes of carbon emissions over the next seven years.
Scott expressed gratitude towards Key Carbon for their continued support, highlighting their previous $25 million funding, which enabled Burn to offer affordable cookstoves to its customers.
Scott emphasized Burn’s ambitious goal of raising $1 billion in carbon finance to ensure access to clean cooking appliances for every household across the continent.
The infusion of $12 million in carbon finance marks a significant milestone in Burn’s journey towards promoting clean energy access and environmental conservation across Africa.