€ 1 million investment in ACE clean cooking
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”.
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