Powerstove signs $7.1 million International supply contract with Finnish firm

powerstove featured image of pellets

Frankfurt (Germany), Helsinki (Finland), and Abuja (Nigeria), January, 2022. GreenTec is very pleased to share that Powerstove, our Nigeria-based cleantech portfolio company, has signed a US$7.1 million supply contract with an undisclosed Finnish company. The multi-year contract will have the Abuja-headquartered company providing its signature Goodlife Pellets to the company which sources high quality ecological and sustainable products on the African continent that ultimately create local jobs while promoting sustainability.

shipping container of pellets
A shipping container full of Goodlife Pellets

Mr. Okey Esse, Founder and CEO of Powerstove, signed the contract himself in Helsinki while experiencing -19 degree temperature.  He said, “Our 3-year supply contract will create approximately 2,300 new jobs designated solely for female, raw-material suppliers.”  He added, “The contract also includes a comprehensive family health insurance plan worth US$1,000.00 per household using the wood-waste created by the female workers as premiums.”  

Mr. Tomi Davies, Chief Investment Officer at GreenTec and Advisor to Powerstove, said “We are thrilled to see uptake for Powerstove’s products in foreign markets and the stimulus it produces for quality local jobs on the continent.”

The multi-year contract marked the end of of a very successful year for Powerstove including securing equity investment from the Jua Fund and being selected as a finalists in the SDG Finance Geneva Growth Stage Impact Ventures competition among other achievements. We look forward to what Powerstove will achieve in 2022!


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