Transaction Summary
EDFI Management Company (EDFI MC) has provided a $5 million unsecured loan to Burn Manufacturing Co. (BURN), a Kenyan-based company that manufactures and distributes clean cookstoves and develops carbon offset projects. The investment was made through the Electrification Financing Initiative (ElectriFI), a closed-end facility launched by the European Union in 2018, with approximately €250 million in committed capital. ElectriFI provides catalytic funding to early-stage clean energy ventures in emerging markets. This investment will support BURN’s nationwide rollout of its IoT-enabled electric induction cookstoves (ECOA IDC), aiming to reach over 100,000 low-income households in Kenya. By subsidising upfront costs and leveraging revenues from carbon credits, the initiative will help to lower household energy expenses and eliminate an estimated 1.4 million tons of CO₂ emissions over the cookstoves’ lifetime. EDFI’s backing complements the $15 million senior loan and $10 million project debt facility BURN secured from the European Investment Bank and Cygnum
