BURN secures US$ 9.2 million investment through Key Carbon & Marex Group partnership

Nairobi, Kenya, September 30th, 2024 — BURN, the world’s leading clean cookstove manufacturer, distributor, and carbon offset project developer, is proud to announce that it is a key beneficiary of a landmark carbon finance investment from Key Carbon & Marex Group Plc.

The US$9.2 million funding from Marex will be used to help finance the production, distribution, and monitoring of clean cooking appliances across several African countries through Key Carbon’s partnership with BURN.

The funding from Marex brings Key Carbon’s investment in BURN’s high-integrity carbon credit projects to US$ 45 million across eight African countries.

Peter Scott, Founder and CEO of BURN, said: “This investment demonstrates that Marex and Key Carbon have confidence not only in the Voluntary Carbon Market but also in BURN’s ability, as the industry leader, to generate the highest integrity credits. BURN continues to set the standard for clean cooking by offering the world's most fuel-efficient biomass, electric, LPG, ethanol, and institutional stoves,”.

Luke Leslie, Co-Founder and CEO of Key Carbon said: “This latest partnership is a powerful endorsement of our approach to investing in the VCM and demonstrates our ongoing ability to attract meaningful funding in a challenging market through our robust approach to sourcing and governance. Partnerships like this will be critical to accelerating climate action and delivering tangible benefits to vulnerable communities.”

Bastien Declercq, Head of Environmental at Marex, said: “This partnership will allow us to further diversify our emissions offering and give us access to a new range of market participants that we can service through our comprehensive platform. Reliable access to trustworthy sources of carbon credits has held the market back in the last few years. By moving up the value chain we can play a more relevant role for our clients in helping them to transition to a greener future.”

BURN has distributed over 5 million clean cookstoves across Africa, transforming the lives of 25 million people and preventing 26 million tons of CO2 emissions from entering the atmosphere.

The efficiency, safety, and benefits of BURN’s clean cooking appliances have been independently verified through peer-reviewed Randomized Control Trial (RCT) by the University of Pennsylvania and the University of Chicago.

The study found a match to BURN’s usage and consumption measurements, finding a fuel savings of 39% against the baseline, saving families US$119 per year, with each cookstove reducing CO2 emissions by approximately 3.5 tons per year (their recent update to the study found these savings to be robust for 3 years and counting, with 98% of the stoves still in use). This study was peer-reviewed and published in the world’s leading economics journal, The American Economic Review (AER).

For more information on BURN and its range of products, visit https://www.burnstoves.com

About BURN

Founded in 2011, BURN is Africa’s leading producer of clean cookstoves, committed to saving lives, protecting forests, and reducing CO2 emissions. Headquartered in Nairobi, Kenya, BURN operates in 9 countries and employs over 3,500 people, with a mission to revolutionize the clean cooking sector and provide sustainable cooking solutions across the continent.

About Key Carbon

Founded in 2021, Key Carbon is a permanent capital vehicle, building a large, diversified portfolio of high-integrity carbon credit streams and royalties for corporates and other organisations on their journey to Net Zero. Since incorporation, the Company has financed several critical projects including the planting of 3.75 million trees and the distribution of clean cookstoves to an estimated 7.5 million people across Africa. 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. For further information, please visit our website at www.key-carbon.com.

About Marex

Marex Group Plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The Group provides comprehensive breadth and depth of coverage across four core services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, executing around 129 million trades and clearing 856 million contracts in 2023. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. Headquartered in London with more than 35 offices worldwide, the Group has over 2,000 employees across Europe, Asia and the Americas. For more information visit www.marex.com.

For media inquiries, please contact: communications@burnmfg.com