ATEC, a clean cooking technology company based in Cambodia, has raised $15.5 million in a funding round led by Lightrock and TRIREC, with Schneider Electric Energy Access Asia Fund also participating.
In a statement released last Thursday, the company said the funding enables it to grow its network of smart clean cookstoves that facilitate the issuance of data-auditable carbon credits that are integrated with carbon blockchain ledgers and can be verified down to the household level.
Over the next three years, the funding will allow ATEC to deploy up to 200,000 of its Internet of Things (IoT) electric cookstoves, known as eCook.
In order to strengthen ATEC’s position in Asia and Africa, the rollout will concentrate on Bangladesh, Cambodia, Malawi, and Nepal.
Additionally, ATEC will increase its network of carbon partners, grow its manufacturing facilities, and solidify its position as the industry leader in next-generation carbon data.
“Every family deserves a kitchen free from smoke that damages lungs, shortens lives, and keeps people in poverty. To achieve this, we must provide households with the right technology that unlocks their carbon assets to transact directly with decarbonization partners at scale, backed by real-time data from every stove in every home,
“With this investment, ATEC will show that with the right carbon data backing up every individual credit, carbon projects in the Global South can deliver scale without a compromise on transparency and trust,” said Ben Jeffreys, Chief Executive Officer and Co-Founder of ATEC.
Over 25,000 clean cooking appliances have been distributed by ATEC throughout the Global South to date.
The precise, real-time measurement of energy consumption and emissions avoidance for every household is provided by ATEC’s 100% IoT data infrastructure, whereas other carbon projects might rely on estimates and deductions.
To further improve the accuracy of carbon calculations, ATEC then transparently integrates this with the most recent findings from independent scientific research.
As buyers increasingly demand scientific, data-driven emission reductions, the company is positioned to capitalize on an estimated $16 billion annual opportunity by placing trust and transparency at the heart of each credit generated for its carbon partners.
ATEC’s dedication to improving end users’ lives is in line with five Sustainable Development Goals set forth by the UN.
Users benefit from upfront cost savings to access the technology as well as direct carbon payments based on their usage (through ATEC’s Cook-To-Earn initiative).
The goal of ATEC’s model is to make large-scale decarbonization more feasible and economical.
The KliK Foundation, myclimate, ENGIE, and Livelihoods Funds are among the company’s current decarbonization partners. By increasing the supply of carbon credits, the growth capital will enable these organizations to confidently and trustably meet climate targets.
