Kenya’s BURN Secures $80 Million to Scale Clean Cooking Solutions in Mozambique, DRC, and Zambia
Kenyan clean cookstove manufacturer BURN has raised Sh10.4 billion ($80 million) in financing from the Trade and Development Bank (TDB) Group to support the expansion of clean cooking solutions in Mozambique, the Democratic Republic of Congo (DRC), and Zambia.
The funding package, a combination of debt and results-based financing, will be delivered through TDB and its concessional arm, the Trade and Development Fund (TDF). BURN will use the capital to supply clean cooking appliances to 430,000 households across the three countries.
“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. BURN is confident that this will be the first of many such deals with TDB and similar institutions,” said Peter Scott, Founder and CEO, BURN.
BURN’s product rollout will feature its ECOA biomass stoves and IoT-enabled induction cookstoves, which the company says can significantly cut emissions, lower household fuel expenses, and eliminate indoor air pollution. The stoves are also expected to generate CORSIA-eligible and ICVCM-compliant carbon credits, providing an opportunity for future revenue through the carbon markets.
“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.”
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.”
The project is anchored under TDB’s ASCENT Platform, a new initiative developed in partnership with the World Bank. It contributes to the Mission 300 target, which aims to connect 300 million people to electricity and clean cooking solutions by 2030.