Transaction

BURN Manufacturing - Marex Group US$9.2m carbon finance through Key Carbon (Sep 2024)

Terms

Project developer: BURN Manufacturing
Recipient type: Technology company
Country: Kenya
Capital providers: Capital providers and the amount counted for each
Party Role Amount Basis
Marex Group Investor US$9.20m Sole provider: the whole transaction

Capital providers and the amount counted for each
Party	Role	Amount	Basis
Marex Group	Investor	US$9.20m	Sole provider: the whole transaction

: BURN announced on 30 September 2024 that it secured US$9.2 million of funding from Marex Group through the partnership between Key Carbon and Marex, a carbon finance investment for the production, distribution and monitoring of clean cooking appliances across several African countries. Marex's own release of 26 September 2024 describes carbon financing for offset projects, mainly cookstove production and distribution in Africa through Key Carbon's joint venture with BURN, Global Cookstoves, alongside a separate minority stake in Key Carbon. The instrument is not stated; Marex refers to streams of carbon credits. With this funding Key Carbon's investment in BURN's carbon credit projects reaches US$45 million across eight African countries (BURN), a cumulative figure that is not booked as a deal.

: - Carbon finance routed through a partner platform: Marex Group's US$9.2m reaches BURN through Key Carbon, the carbon financier that is also BURN's joint venture partner in Global Cookstoves. - With this funding Key Carbon's cumulative investment in BURN's carbon credit projects reaches US$45m across eight African countries, a running total that is not counted as a deal.

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