NASENI INVESTS IN POWERSTOVE TO SCALE UP TO ONE MILLION UNITS ANNUALLY

The National Agency for Science and Engineering Infrastructure has made its first-ever investment in Powerstove, a pioneering Nigerian company specializing in the production of cookstoves, having significant experience in carbon credit projects.
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Investment Overview

The strategic investment by NASENI in Powerstove marks a significant milestone in its ongoing efforts to combat global warming and foster a sustainable ecosystem through Nigerian companies dedicated to decarbonization.

Investment Details

NASENI will provide both capital for growth and technical assistance to Powerstove. This support will enable Powerstove to scale its production from 100,000 units to over one million units annually.

Impact on Production and Demand

This substantial increase in production capacity is expected to meet the growing demand for clean and efficient cookstoves. Additionally, it will significantly contribute to reducing carbon emissions in Nigeria.

Carbon Credit Achievement

Powerstove stands as the largest local carbon credit project for a private company in Nigeria, currently valued at 4.5 million carbon credits.

Benefits to NASENI

With this investment, NASENI is not only supporting an impact-driven enterprise but also positioning itself to benefit from carbon credit revenue. This reinforces NASENI’s commitment to sustainable development.

Commitment to Climate Action

This investment underscores NASENI’s strong commitment to proactively address climate change. It aims to build a resilient and sustainable ecosystem of innovative Nigerian companies with the potential to drive decarbonization efforts.

Future Prospects

NASENI’s management is looking forward to witnessing the positive impact of this partnership on Nigeria’s environmental and economic landscape.

Source: Techeconomy

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