- Spark+ invests in BURN to accelerate the deployment of clean cooking solutions in Africa.
- The company plans to serve 47 million customers over the next seven years.
Enabling Qapital (EQ) and Stichting Modern Cooking (SMC) has announced an investment of USD 4 million by Spark+ Africa Fund to promote clean cooking deployment across Africa.
According to the announcement, Spark+, which had its first closing in March, has invested via a long-term quasi-equity instrument in BURN Manufacturing (BURN), a Kenyan manufacturing company that specialises in the design and manufacture of biomass, electric, and LPG cookstoves that save consumers time and money, improve health, reduce harmful pollution, and limit the use of wood and charcoal.
Through the investment, BURN plans to increase the capacity of its industry-leading, industrial-scale manufacturing facility in Nairobi and finance the expansion of its business in new markets, including Somalia, Ghana, Nigeria, Mozambique, and the Democratic Republic of Congo.
The company has ambitious plans to serve 47 million customers over the next seven years, which will create over 2,000 jobs and offset 72 million tons of CO2e, the equivalent of 2 million cars on the road each year.