The proceeds from the bond will allow BURN to expand its manufacturing capacity and establish a new facility in Lagos, Nigeria.

This expansion will raise production from the current 400,000 units per month to 600,000 units, focusing on the production of life-saving biomass, electric, and LPG stoves.

BURN’s stoves have undergone rigorous independent verification by reputable institutions such as the University of Pennsylvania and the University of Chicago, as well as through comprehensive impact assessment surveys conducted by Yunus Social Business.

These studies have consistently demonstrated that BURN stoves provide substantial health, financial, and climate action benefits.

The funds raised through the Green Bond are expected to extend these benefits to an additional 2 million households in 2024.

“Our decision to issue the first green bond to support clean cooking underscores our strong belief in the power of financial innovation to drive positive environmental and social change,” said Peter Scott, CEO and Founder of BURN.

“Green bonds have gained considerable traction in recent years due to their appeal to investors seeking sustainable investment opportunities and the potential tax advantages they offer. BURN is excited to deploy this innovative instrument to catalyze sustainable development.”

The bond issuance was supported by DRY Associated Limited, acting as the Placement Agent. FSD Africa, a specialist development agency funded by UK International Development, played a key role in providing technical input on the bond framework and contributing technical assistance for the second-party opinion, which was conducted by Agusto & Co., the leading Pan-African Credit Rating Agency and Green Bond Verifier.

BURN’s green bond issuance marks a significant step forward in mobilizing capital to support clean cooking solutions in Africa.

By providing access to affordable and efficient cooking technologies, BURN is helping to improve the health and well-being of millions of households while also reducing greenhouse gas emissions and deforestation.