Spark+ Invests US $4 Million in BURN to Accelerate Its Multi-Country Expansion Across Africa
Enabling Qapital (EQ) and Stichting Modern Cooking (SMC) are pleased to announce the initial investment of the Spark+ Africa Fund (Spark+ or the Fund).
Spark+, which had its first closing in March, has invested US $4 million via a long-term quasi-equity instrument in BURN Manufacturing (BURN), a Kenyan manufacturing company that specializes 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.
The Fund’s investment will enable BURN to meaningfully 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.
Photo courtesy of DFID.