The financing will enable BURN to offer the cookers through its “Pay-As-You-Cook” model, a flexible payment solution designed to make clean cooking technology more accessible to households that cannot afford full upfront payments.

Founded and headquartered in Kenya, BURN has expanded its impact across nine countries, employing over 3,500 people.

Its ECOA Electric Induction Cooker, manufactured entirely in Kenya, is part of a three-piece stainless steel cookware set aimed at reducing indoor air pollution, cutting cooking time, and saving household fuel expenses.

BURN reports having distributed over five million clean cookstoves across Africa to date, helping households transition from traditional fuel sources such as firewood and charcoal to cleaner, more sustainable alternatives.

Peter Scott, Founder and CEO of BURN, emphasized the importance of the EIB investment, stating that it will enable BURN to scale its Pay-As-You-Cook electric solution, already launched in Kenya and Tanzania, to reach over a million low-income households.

The cookers are compatible with grids powered largely by renewable energy sources, which are estimated to supply 80-95% of the electricity for these communities.

This EIB investment follows a series of funding rounds for BURN. Recently, the company secured $9.2 million from Marex to boost the production, distribution, and monitoring of its clean cooking products in multiple African countries.

Marex’s funding also raised Key Carbon’s total investment in BURN’s carbon credit projects to $45 million across eight African nations.

Earlier in 2024, BURN received over $12 million in funding led by Key Carbon Ltd. and Cartesian to expand electric cookstove distribution in Kenya, Tanzania, Uganda, and Zambia, alongside biomass stoves in Nigeria, DRC, Tanzania, and Mozambique.

To meet growing demand, BURN inaugurated its first assembly plant in Kano, Nigeria, in Q2 2024, enhancing local access to affordable clean cooking solutions in the region.