BURN To Receive $12M Investment From Key Carbon For Distribution Of Clean Cookstoves

Project Developer Forum Responds To New Study Claiming 9.2 Times Over-crediting Of Clean Cookstove Projects - Carbon Herald
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BURN Manufacturing – a leader in clean cookstoves production in developing countries, has announced a major support by one of its largest investors Key Carbon Ltd. (rebranded from Carbon Neutral Royalty). BURN has received a $12 million investment from Key Carbon Ltd, stemming from a recently announced deal with Cartesian, a global private equity firm that invests in innovative projects.

The 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.

Relevant: Key Carbon And Cartesian Enter Into $18M Deal For Clean Cookstoves Development

The deal between Key Carbon and Cartesian was announced on March 21st and is for $18 million to fund the production and distribution of low-emission cookstoves across Africa via the generation of carbon credits. In 2023, Key Carbon provided BURN with $25 million in financing, helping the cookstove manufacturer achieve its ultimate goal of raising $1 billion to bring a clean cooking appliance to households in developing countries. 

“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,” said Luke Leslie, Co-Founder and CEO of Key Carbon. 

Key Carbon was founded in 2021 as Carbon Neutral Royalty and rebranded in 2023. The company is a permanent capital vehicle building a large, diversified portfolio of high-integrity carbon credit streams and royalties. It is a leading financier within the Voluntary Carbon Market, and one of the largest financiers of clean cookstoves globally. 

Relevant: “We Work With Project Developers So They Can Attract Large-Scale Funding From Pension Funds,” Luke Leslie, CEO Carbon Neutral Royalty

BURN Manufacturing is a company founded in 2014 with the mission to reduce emissions from cooking and improve the quality of health and life of vulnerable communities in developing countries. It produces some of the world’s most thermally efficient affordable cookstoves, as a result of its extensive R&D investment. 

According to Key Carbon CEO Luke Leslie who shared in an interview for Carbon Herald, BURN Manufacturing’s cookstoves are the most efficient and durable compared to others on the market. The company is also sophisticated and has established a local presence in Kenya. It has sold more than 4 million cookstoves that have generated more than 20 million tons of emissions savings to date.

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