Ugandan Clean Energy Company Closes Major Investment
UpEnergy Group has announced the sale of a minority stake in the company to a group of well-aligned investors. The raise has resulted in significant new financing that will bolster UpEnergy’s existing efforts to deliver life-changing technologies to under-served communities in the developing world.
The group of investors include the Finnish Fund for Industrial Cooperation Ltd (Finnfund), a Finnish development finance company, and Richard Lawrence, a US-based investor with a long-standing commitment to the improved cookstove sector and founder of Proyecto Mirador, a Gold Standard fuel-efficient stove project in Honduras.
Several previous investors in the company, including Climate Wedge, a Finland/US-based environmental sector seed-investor and investment advisory firm, reiterated their commitment to UpEnergy by also participating in this funding round.
The investment will enable UpEnergy to capitalize upon a strong foundation of growth and sustainability impact since its founding in 2011. To date, UpEnergy has impacted the lives of over 125,000 Ugandans through the sale of over 23,000 high-efficiency cookstoves. These technologies save 4 hours per day per household in cooking and fuel collection time. The environmental impact is significant with 30,000 tons of CO2 emissions avoided and 120,000 trees saved thus far.
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