GreenTec capital invests in Nigerian energy startup Powerstove

NIGERIA – The German investment company GreenTec Capital Partners announces its investment in Powerstove Energy, a Nigerian startup that is revolutionizing cooking in Nigeria.

Powerstove energy has developed a system that transforms non-recyclable paper, wood and agricultural residues into biomass pellets.

This fuel can be used to power a smokeless cooker and the system is equipped with a stainless-steel combustion chamber that burns the pellets and can reach 1000 degrees in less than 3 minutes.

 The heat produced by this small cooker can produce 50 W of electricity. This continuous power is used for lighting, mobile phone charging and other low-energy appliances.

Excess electricity is stored in a connected lithium-ion battery, allowing users to charge additional devices via a USB port in real time when they need it, even when the fire is out.

The stoves is equipped with an IoT (Internet of Things) system with pre-programmed and programmable internal computer chips that control the fan, power supply and data transfer over the 2G/3G network using input sensors and output components to control all these functions.

The investment in the Nigerian startup is a testimony GreenTec Capital Partners commitment to its policy of financing technological and ecological innovations in Africa.

 “Powerstove has developed a new and scalable solution to solve not only the problems of fuel costs and CO2 emissions, but also, more generally, the problems of famine and hygiene.”

Xavier Chapel – Head of Business Development at GreenTec Capital Partners

Mr. Chapel further noted that Greentech was looking forward to “helping this company grow and bring low-cost, energy-efficient heating to Nigeria and expand access to energy in Africa”.

The financing is expected to enable the young company led by Okey Esse to boost production and thus market its system in Nigeria and elsewhere in Africa.

The solution would particularly benefit Nigeria where a significant number of people still rely on traditional methods of cooking which are not only ineffective but also contribute greatly to Household air pollution

The World Health Organization estimates that this kind of pollution is responsible for 4.3 million premature deaths annually.

Most of these deaths occur in low and middle-income countries (LMIC) and are attributable primarily to pneumonia in children and non-communicable cardiorespiratory diseases in adults.

According to the WHO these diseases can be directly linked to these dirty fuels which emit high levels of pollutants such as fine particulate matter (PM2.5) and carbon monoxide (CO) to the atmosphere.

Providing Nigerians with an affordable and clean source of cooking will thus improve their livelihood, prevent diseases and protect the environment from further degradation.

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