BURN Manufacturing (BURN), a global leader in clean cookstove manufacturing, distribution, and carbon-offset projects has received $10 million from the Africa Go Green Fund (AGG), managed by Cygnum Capital Asset Management.
The funding aims to support BURN’s distribution of clean cookstoves to households in Mozambique, Nigeria, and the Democratic Republic of Congo, with a goal to enhance livelihoods, promote health benefits, and contribute to deforestation reduction.
This initiative is set to distribute improved cooking solutions to 50,000 – 150,000 customers in each of the target countries, targeting a substantial reduction of approximately 6.9 million tons of CO2 emissions over the project’s lifespan. BURN has a proven track record, having independently verified its stoves through reputable institutions, impacting over 22.5 million lives and preventing 17 million tons of CO2 from entering the atmosphere.
Established in 2011, BURN embarked on a mission to revolutionize the clean cookstove sector, aiming to save lives and forests. Unlike traditional, inefficient cookstoves that impose financial burdens on families, compromise health, and contribute to deforestation, BURN’s top-tier stoves offer cost savings on fuel, reduce indoor air pollution, and contribute to forest preservation.
Today, BURN stands as one of Africa’s foremost clean cooking company, uniquely positioned as one of the few developers of carbon-offset projects covering the entire carbon value chain. This comprehensive approach encompasses project design, in-house monitoring, and credit issuance.
Peter Scott, BURN CEO, expressed excitement about the collaboration, stating, “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 on the collaboration’s environmental and social benefits, hoping it will encourage more capital to fund similar impactful projects.
BURN leverages carbon financing to subsidize the end-user cost of cookstoves, making them more affordable for low-income households. This funding allows BURN to distribute a $50 stove for as little as $3-5, saving households over $100 annually in fuel costs. With AGG financing, BURN aims to significantly expand access to its stoves in Sub-Saharan Africa, where nearly 950 million people still rely on open fires or inefficient cookstoves.
The AGG fund is designed to support activities mitigating greenhouse gas emissions in Africa, providing debt financing to businesses and projects focusing on industrial energy efficiency, green buildings, clean transport, and green appliances. Cygnum Capital Group, the manager of AGG, operates as an investment bank and asset manager across frontier and emerging markets, managing several funds, including those supporting local currency capital markets, off-grid energy access, renewable energy solutions, and climate-smart services.
This collaboration reflects a shared commitment to addressing environmental challenges, promoting sustainable practices, and improving the quality of life for communities in Mozambique, Nigeria, and the Democratic Republic of Congo.
