OPIC and Envirofit Partner to Expand Clean Cookstoves' Global Use
January 21, 2016
(OPIC)
WASHINGTON – The Overseas Private Investment Corporation (OPIC), the U.S.
Government’s Development Finance Institution, today announced a $4 million
financing commitment to Envirofit International, a social enterprise that
innovates smart energy products to improve lives on a global scale. OPIC
financing will support the commercial expansion of Envirofit’s business
operations to provide their cutting edge, high quality, low cost, clean
cookstove technology across the world.
“We are excited about the partnership with OPIC and their commitment to support
Envirofit with the necessary capital to grow our business in Africa, Asia, and
Latin America,” said Ron Bills, CEO of Envirofit.
“Envirofit presents exceptional potential for high-impact development progress
for low-income people around the world,” said Elizabeth Littlefield, OPIC’s
President and CEO. “With this new growth capital from OPIC, we’re looking
forward to helping them realize their goals to create healthier, cleaner homes
across developing regions.”
Nearly half the world’s population still uses open fires or rudimentary stoves
for home cooking. Emitting the equivalent smoke of 400 cigarettes per hour,
these stoves are a source of harmful household air pollution and have been cited
as one of the world’s greatest health risks. In addition, open fire cooking
contributes to 25% of global black carbon emission and can consume up to 25% of
household expenses for people living in energy poverty.
In 2003, Envirofit focused on changing the way energy products were developed
for people living in energy poverty. Using a market-based approach, Envirofit
developed a global product line of smart, clean cookstoves that cook faster
while reducing fuel use, smoke, and toxic emissions. In 2007 Envirofit formed a
long-term partnership with Shell Foundation - an independent charity who
provided them with grant funding and extensive business support. This helped
the company grow from a one-product business to a global organization serving
over 5 million people, with over a dozen user-designed products.
To help confront this global challenge, Envirofit and OPIC are also both members
of the Global Alliance
for Clean Cookstoves, an ambitious public-private partnership hosted by the
UN Foundation that aims to foster the adoption of clean cookstoves and fuels in
100 million households around the world.
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