Powerstove selected as Finance Geneva Summit Growth Stage Impact Ventures Initiative finalist

GSIV Banner

Frankfurt (Germany) and Abuja (Nigeria), April 2021. GreenTec Capital is happy to report that Powerstove, was selected as a 2021 Finalist for the Finance Geneva Summit Growth Stage Impact Ventures Initiative.  The UNDP’s Growth Stage Impact Ventures (GSIV) for SDGs aims to identify and showcase mature impact ventures in emerging countries with a ‘catalytic potential’ that can drive both large impact and yield.

Powerstove won a spot in the Access to Affordable Clean Energy category. Powerstove’s affordable clean cookstove system consumes clean-burning biofuels. The innovative stove systems additionally are capable of generating electricity to power household appliances and device charging for the millions of Africans that live rurally and off the grid.

Powerstove joined an impactful interantional cohort of 12 finalists, 7 of which have over 50 % of women in C-suite positions, and all but one employ between 11 and 100 people (25% have more than 100 employees).

The GSIV selection process was organized by the UNDP, EPFL Tech4AImpact, Orange and SAP. The 2020 Call for Nominations only accepted impact ventures that had raised at least USD 500 K, and are already providing products and services for low-income people that reduce inequalities (with a particular focus on gender) through better access to quality health, affordable and clean energy, and by reducing and recovering waste. Only ventures nominated by third parties and with headquarters, primary workforce, and service provision or product market in developing countries were eligible for selection.

According to Okey Esse, Founder and CEO of Powerstove, he focused first on presenting the very significant challenge faced by many Nigerians. “Approximately 83 million Nigerians live in extreme poverty and suffer from acute food insecurity, and typically have little choice but to spend approximately 25% of their income on fuels (charcoal, firewood, candles, kerosene) for cooking and lighting.  It’s estimated that approximately 100,000 Nigerians, mostly women and children, die every year from illnesses attributed to household air pollution.”

With the challenge clear, Mr. Esse offered the Powerstove solution to the GSIV panel.  He presented his smokeless cookstove that runs on recycled woodchips, uses 70% less fuel and cooks 5 times faster, and simultaneously generates electricity.

The Powerstove story is a proven success. With 2018 revenues of US$8,800 growing to US$430,000 in 2020 and already selling over 5,000 systems. The company estimates its impact for CO2 reduction at 85 kilotons; US$700,000+ in fuel savings for users; and 200,000+ trees saved.

“The technology impacts positively women and girls who traditionally are in charge of cooking and collecting firewood,” said Mr. Esse who added that Powerstove leverages female vendors “…to achieve grassroot product acceptability.” and “added “Women represent at least 50% of the company’s workforce.”

Mr. Esse said that Powerstove plans to use any future awards to further support scaling activities focusing on operations and production processes.

The final GSIV Virtual Pitch Event will be held June 3rd, 2021 starting at 2:00pm CEST.  The most innovative solution presented at this event will have the opportunity to pitch their solutions to impact investors at two upcoming GSIV events in June and November of this year. “The 2019 GSIV alumni increased their annual revenues by 39% between in 2020, despite the Covid-19 crisis. 50 % of them raised at least one equity round in 2020, up to $5 million.”  said Sarah Bel, UNDP SDG Finance Geneva Summit manager.



Other Posts

Boreal Light begins project to provide 100% of Zanzibar’s water with renewable energy

Berlin (Germany) and Stown Town (Zanzibar), February 2022. GreenTec Capital is very proud to report that Boreal Light has begun work on their most ambitious project to date, providing 100% of Zanzibar’s water powered by renewable energy. On February 12th, the company broke ground on a water desalination plant at the Mnazi Moja Hospital in…

read more

PowerStove Wins US $100,000 in AllOn/USADF Off-Grid Energy Challenge

Frankfurt (Germany) and Abuja (Nigeria), January, 2022.  GreenTec is very pleased to share that PowerStove, its Nigeria-based cleantech portfolio company, is among 13 lucky African start-ups to win US $100,000 in an off-grid, energy challenge.   The annual challenge was hosted and founded by the United States African Development Foundation (USADF) in partnership with All On. …

read more

Boreal Light GmbH opens solar water desalination unit in Nungwi, Zanzibar

Frankfurt (Germany) & Nungwi (Zanzibar) January, 2022.  GreenTec Capital is very pleased to share that its portfolio company, Boreal Light GmbH, officially opened a solar, water desalination system in Nungwi, Zanzibar, Tanzania.  Nungwi is a large village located in the far north of the island with a population of approximately 5,500.   Dr. Mngereza Miraji, Principal…

read more