Frankfurt, (Germany) & Geneva (Switzerland), June 2021. GreenTec Capital is happy to report that Powerstove joined 12 finalists chosen by the United Nations Development Program (UNDP) Geneva Growth Stage Impact Ventures (GSIV) for a special pitching event. The Abuja, Nigeria-based company was selected from a candidate pool of 240 prescreened nominations. The GSIV program was created to identify and support enterprises from developing countries that have created at-scale products and services that contribute to the UN Sustainability Development Goals (SDGs) while achieving commercial success.
On June 3rd, the UNDP GSIV hosted a Virtual Pitch event where the 12 finalists had the opportunity to present their startups to a jury of investors, youth activists, and UN experts among many others. Powerstove won its finalist spot in the Access to Affordable and Clean Energy category. Reducing and Recovering Waste, and Access to Quality Health Care were the other focus-topics.
Mr. Okey Esse, CEO and Founder of Powerstove, opened his pitch stating that we all share a common global threat. “Climate change is a problem that threatens everyone. According to the World Bank, 4 billion people globally cook with wood or charcoal.” He then explained the Powerstove solution. “At Powerstove, we developed a ‘clean cookstove’ that doesn’t adversely affect users’ health with smoke… and reduces deforestation and greenhouse gas emissions by eliminating need for wood and charcoal.”
Mr. Esse went on to explain how his clean cook stove “value stacks.” Specifically, beyond the safe and clean cooking function, the unit provides valuable electricity to power lights, charge phones, and more.
Mr. Esse provided detail about the company’s improving financial position, and explained how Powerstove has further “value stacked” by adding another technological advancement to build an additional revenue stream. “We also installed digital tracking devices in our stoves that gather and share user data. We then use machine learning to analyze the data, and we can monetize this information by selling carbon credits on the market.”
The panel format had experts give feedback following each of the three sections. Ms. Krisztina Tora, Chief Market Development Officer of Global Steering Group for Impact Investment (GSG), and Mateo Salomon, Global Energy and Finance Advisor at the UNDP each spoke for approximately 10 minutes following the Access to Affordable Energy section. Ms. Tora said “Powerstove is a great example of a company hiring and training women. It is also a good example of the use of the UNDP Investor SDG Mapping effort to promote sustainable countries and economies.” Mr. Salomon added “Powerstove’s health impact is important.” He added that Powerstove’s ability to use digital solutions to access and tap into carbon credits is also very attractive.
Luisa Bernal, Policy Specialist in the UNDP’s Finance Sector-Hub, closed the event sharing that all finalists are invited to the UNDP Summit on December 1st in Geneva to give longer pitches to potential investors and “knowledge share, network, and build partnerships.”