BURN has secured Ksh 1.94 billion ($15m) from the European Investment Bank to fund the manufacturing and distribution of its clean electric cooking appliances across East Africa.
The firm says the new funding will accelerate its efforts to supply its Internet of Things enabled ECOA electric cooking appliances to over 1 million households within the region.
“BURN has already brought our unique PAYC electric cooking solution to thousands of households in Kenya and Tanzania that were previously relying on traditional charcoal stoves. This investment by EIB will help us transition over a million low-income households to cooking with electricity, allowing them to cook on grids that are 80-95pc powered by renewable energy,” said Peter Scott, Burn Founder and Chief Executive Officer.
The firm further expected the new investment to positively impact 6.5 million people and avoiding 12 million tons of carbon emissions over a period of 5 years.
The ECOA Induction Cooker (IDC) is equipped with innovative Pay-as-You-Cook (PAYC) technology, integrated directly with mobile money payment systems and the ECOA Mobile App.
This allows users to pay small amounts via their mobile phones, gradually acquiring their cooking devices through daily or weekly installments, achieving full ownership within a year. The ECOA IDC is bundled with a high-quality 3-piece stainless steel induction cookware set that is fully manufactured in Kenya.
“The investment that we have agreed today is about financing development through innovation which will strengthen communities, especially by protecting the health of women, and their families. It will have a positive impact on the climate as well by lowering carbon emissions,” added EIB Group President, Nadia Calviño.
BURN says it has so far distributed at least 5 million clean cookstoves across Africa, transforming the lives of over 25 million people and preventing 26 million tons of CO2 emissions from entering the atmosphere.
