EnDev successfully calls for increased attention of middle segment, local stove producers at Clean Cooking Investment Forum
7 November 2018
At the Clean Cooking Investment Forum, EnDev successfully raised attention for the group of semi-industrial, local stove producers in the middle segment, seeking for capital to boost their business.
The Forum brought together investors, stove producers, government officials and development experts with the aim to find ways to boost the clean cooking sector. An EnDev team consisting of head office and country colleagues actively joined the panel discussions and participated in the stove exhibition, which was co-sponsored by EnDev. Co-director, Marcel Raats, joined the panel debate on the ‘Market Developer Perspective’. “Extra attention is needed for the next generation of semi industrial stove producers who sell large numbers and are on the verge of becoming bankable. They are not looking for millions but would need an invest ticket size in the range of 50,000 to 100,000 Euro to be able to boost their business”, he stated.
Several local stove companies were present at the Forum, including those supported by EnDev. This group coming from Ethiopia, Kenya, Uganda, Rwanda and Tanzania, stood up for their interests in the Q&A sessions. They raised attention of the organisers as well as of investors by stating to have aspirational and demanded products and local market intelligence. What they are missing is formalisation or capacity in development of business or financial plans. Investors reached out to them and EnDev with keen interest for further exchange.
This call was also picked up by the Forum organisers in the concluding conference remarks: “At this Investment Forum we have also learned that we need to focus on high growth local stove ventures that are unable to tap into the finance market yet”, Peter George of the Clean Cooking Alliance stressed.
EnDev partner SNV led the panel debate on ‘Innovative Financing’ in which they highlighted the results based finance (RBF) approach: “With financial support of the EnDev program, SNV has implemented a number of result based finance projects in the solar and cooking sector from which we have also took lessons learned. In the Tanzania RBF project we have been able to provide modern energy solutions to 370,000 people so far.” SNV sector leader, Josh Sebastian, stated.
More than 300 participants – including investors, stove producers, government officials and development experts – joined the Clean Cooking Investment Forum in Kigali which was organised by the Clean Cooking Alliance (CCA) and Energy Private Developers (EPD). EnDev was one of the key partner organisations at the event.