BURN Secures Over USD 12 Million Investment to Expand Clean Cooking Across Africa

Nairobi, Kenya (March 28, 2024) – Today, BURN Manufacturing (BURN), the world’s leading clean cookstove manufacturer, distributor, and carbon project developer, announced the successful completion of a follow-on carbon project investment from Key Carbon Ltd. ("Key" or "KC", formerly CNR "Carbon Neutral Royalty"). The investment is supported by Cartesian, a global private equity firm that invests in innovative projects, including those centered on decarbonization and climate mitigation.

This new investment will go towards the distribution of electric cookstoves in Kenya, Tanzania, Uganda, and Zambia and biomass stoves in Nigeria, DRC, Tanzania, and Mozambique over the next two years.

In Sub-Saharan Africa, cooking with traditional cooking fuels – like firewood or charcoal – results in several negative health, environmental, economic and gender impacts. Today it is estimated that 950 million people in the region rely on traditional cooking fuels and inefficient technology.

Through this investment in BURN’s best-in-class electric and biomass cookstoves, an estimated 1.5 million people will benefit directly, while over 12 million tons of carbon will be avoided.

Carbon financing has enabled BURN to subsidize the cost of its cookstoves, making them more accessible to low-income households.

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.”

About BURN
Founded in 2010, BURN was created to save forests by revolutionizing the cookstove sector. While traditional, inefficient cookstoves can bankrupt families, damage their health, and destroy forests, BURN’s best-in-class cookstoves can save families money on fuel, limit indoor air pollution and protect forests. BURN is now Africa’s leading clean cooking company and one of the only carbon project developers to cover the full carbon value chain, from project design and in-house monitoring to credit issuance. Headquartered in Kenya and with direct operations in 9 African countries, BURN employs 2,500 people across Africa. The company has made and distributed nearly 4.4 million clean cookstoves, transforming the lives of over 24 million people and preventing over 20 million tons of CO2 from entering the atmosphere.

About Key Carbon
Key Carbon is a pioneering investment company that finances and supports some of the leading developers of high-quality carbon projects and has financed the planting of 3.75 million trees since incorporation, among other critical projects. The company’s mission is to help combat climate change, improve local biodiversity, soil health and water quality, and benefit some of the world’s most vulnerable communities. Founded in 2021 as Carbon Neutral Royalty and rebranded as Key Carbon in 2023, Key Carbon is a permanent capital vehicle building a large, diversified portfolio of high-integrity carbon credit streams and royalties. In turn, Key Carbon helps corporates and other organizations on their journey to Net Zero using high integrity voluntary carbon credits.

About Cartesian
Cartesian Capital Group is a global private equity firm with a demonstrated ability to grow companies internationally. With funds comprising more than $3 billion in capital commitments, Cartesian’s team has helped to build 60 companies operating across 40 different countries. Cartesian established CSF to provide financing for a wide range of innovative projects that are dedicated to long-term economic sustainability.