Page 18 - AfrElec Week 23 2022
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AfrElec RENEWABLES AfrElec
Spark+ invests $4mn in BURN to
accelerate expansion
KENYA THE Spark+ Africa Fund has invested $4mn enabling underserved consumers to adopt mod-
through a long-term quasi-equity instrument ern energy.
in BURN Manufacturing, a Nairobi-based firm “This transaction is the result of a long and
which specialises in manufacturing efficient fruitful relationship with BURN. We’re incred-
cooking appliances. ibly pleased how the BURN team has leveraged
Spark+ is an investment fund of Spark+ a $500,000 start-up grant from the Clean Cook-
General Partner, a joint venture between invest- ing Alliance in 2013 to become a true leader in
ment advisor EQ of Switzerland and Nether- its space,” said Spark+ Investment Director and
lands-based foundation SMC. Woodman Asset SMC Chairman Peter George.
Management acts as Spark’s alternative invest- Spark+ was advised by the University of
ment fund manager. Michigan Law School’s International Transac-
EQ and SMC said in a May 30 press release tions Clinic (ITC), supervised by Carl Valen-
that Spark+ had invested in the firm after rais- stein, a partner at Morgan Lewis Bockius. BURN
ing over $40mn for energy-efficient initiatives in was advised by Sidley & Austin.
March 2022. BURN has ambitious plans to serve 47mn
BURN designs and manufactures liquefied customers over the next seven years, to create
petroleum gas (LPG), biomass and electric cook- over 2,000 jobs and offset 72mn tonnes of car-
ing stoves that save consumers time and money, bon dioxide equivalent, the equivalent of 2mn
improve health, reduce harmful pollution, and cars on the road each year.
limit the use of wood and charcoal. BURN’s Chief Executive Officer Peter Scott
The fund’s investment will enable BURN to said the firm is embarking on ambitious expan-
increase its Nairobi manufacturing plant’s capac- sion to new markets across Africa, increasing
ity and to finance expansion into new markets production capacities and launching new prod-
including Somalia, Ghana, Nigeria, Mozam- uct lines thanks to the investment of Spark+.
bique and Democratic Republic of Congo. He said the funding will help the firm to reach
The investment comes as solutions relying on new heights in clean cooking design and manu-
LPG, ethanol, electricity and biogas – as well as facturing, while allowing BURN to continue car-
the use of processed biomass fuels in more effi- rying out its mission of saving lives and forests
cient biomass stoves – are being commercialised across the African continent.
with technology-integrated business models,
P18 www. NEWSBASE .com Week 23 09•June•2022
