€ 1 million investment in ACE clean cooking
12 March | 2020 Oikocredit has made a € 1 million loan to African Clean Energy (ACE), a Certified B Corporation and social enterprise, to support the expansion of business operations in Uganda.
ACE is one of the first to offer a pay-as-you-go enabled solar-biomass hybrid cooking stove, capable of charging mobile phones and providing light, whilst utilising between 50% and 85% less fuel when cooking.
The issues that ACE are trying to address are considerable. According to the World Health Organization over 3 billion people worldwide are cooking on open fires or with rudimentary stoves, using non-renewable and polluting fuels.
James Todd, Renewable Energy Investment Officer said: “We are delighted to be able to partner with ACE. Clean cooking is a sector that has received comparatively little attention and funding, despite the clear social and environmental impact of unsustainable fuel use”.
Archive > 2020 > March
- 26/03/20 10:07 - Message from the Managing Director: “Working together through uncertain times”
- 19/03/20 11:30 - Oikocredit announces 2019 results and partner satisfaction [press release]
- 19/03/20 10:40 - Oikocredit reports positive results and partner satisfaction
- 13/03/20 10:11 - Oikocredit and the novel coronavirus (Covid-19)
- 12/03/20 11:10 - € 1 million investment in ACE clean cooking
- 12/03/20 11:00 - Oikocredit invests € 1 million in African Clean Energy (ACE) to support clean cooking and rural electricity access in sub-Saharan Africa
- 10/03/20 12:58 - No development without risk [interview]
