ATEC Secures $3.75M Series A Funding for IoT Electric Stoves Expansion in Asia and Africa
Schneider Electric Energy Access Asia (SEEAA), an impact fund managed by Schneider Electric, which leads in digital energy management and automation, alongside Spark+ Africa Fund, has closed a US$3.75M Series A funding round for ATEC. This funding will support the expansion of ATEC's market-leading IoT electric stoves across Asia and Africa. Other investors include DRW, Save the Children Global Ventures, Kibo Investments, and iDE.
SEEAA, a €21M investment fund managed by Schneider Electric, focuses on early-stage clean energy ventures in South and Southeast Asia. Gilles Vermot Desroches, Senior Vice President Corporate Citizenship at Schneider Electric and President of SEEAA, expressed excitement about supporting ATEC’s growth, emphasizing the social impact for rural and low-income households and the reduction of carbon emissions. He highlighted ATEC’s innovative use of IoT and carbon finance to democratize access to clean cooking.
ATEC’s unique stove generates verifiable and auditable carbon credits, addressing over-crediting issues in the current cookstove carbon markets. ATEC Co-Founder & CEO Ben Jeffreys noted that the company aims to expand partnerships with distributors and carbon buyers across Asia and Africa, with a vision of empowering 800 million women in the Global South to contribute to climate change mitigation and create income opportunities.
Recognized by UC Berkeley as one of the top five global cookstove carbon projects, ATEC has been a leader in decarbonizing cooking technology since 2019. As carbon markets demand more compliance and accountability, technologies offering fully auditable data will be crucial for market expansion in Africa and Asia.
Spark+ Investment Directors Peter George and Xavier Pierluca pointed out the increasing potential of electricity as a clean cooking option in Africa due to higher electrification rates and improved grid reliability. They believe that integrating IoT technology will reduce barriers to electric cooking, positioning ATEC as a leader in this emerging market.
With the Series A funding, ATEC plans to continue investing in R&D, especially in IoT and Web3.0 technologies, to benefit households in the Global South. Over the next decade, ATEC aims to generate 10 Gigawatt Hours of decarbonized cooking per day, potentially reducing carbon emissions by up to 10 million tons annually, equivalent to the emissions from 2.4 million petrol cars. This initiative will also significantly improve health outcomes for women and children by eliminating smoke from wood cooking.
SEEAA, a €21M investment fund managed by Schneider Electric, focuses on early-stage clean energy ventures in South and Southeast Asia. Gilles Vermot Desroches, Senior Vice President Corporate Citizenship at Schneider Electric and President of SEEAA, expressed excitement about supporting ATEC’s growth, emphasizing the social impact for rural and low-income households and the reduction of carbon emissions. He highlighted ATEC’s innovative use of IoT and carbon finance to democratize access to clean cooking.
ATEC’s unique stove generates verifiable and auditable carbon credits, addressing over-crediting issues in the current cookstove carbon markets. ATEC Co-Founder & CEO Ben Jeffreys noted that the company aims to expand partnerships with distributors and carbon buyers across Asia and Africa, with a vision of empowering 800 million women in the Global South to contribute to climate change mitigation and create income opportunities.
Recognized by UC Berkeley as one of the top five global cookstove carbon projects, ATEC has been a leader in decarbonizing cooking technology since 2019. As carbon markets demand more compliance and accountability, technologies offering fully auditable data will be crucial for market expansion in Africa and Asia.
Spark+ Investment Directors Peter George and Xavier Pierluca pointed out the increasing potential of electricity as a clean cooking option in Africa due to higher electrification rates and improved grid reliability. They believe that integrating IoT technology will reduce barriers to electric cooking, positioning ATEC as a leader in this emerging market.
With the Series A funding, ATEC plans to continue investing in R&D, especially in IoT and Web3.0 technologies, to benefit households in the Global South. Over the next decade, ATEC aims to generate 10 Gigawatt Hours of decarbonized cooking per day, potentially reducing carbon emissions by up to 10 million tons annually, equivalent to the emissions from 2.4 million petrol cars. This initiative will also significantly improve health outcomes for women and children by eliminating smoke from wood cooking.
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