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ATEC has raised USD $15.5m to expand its network of smart clean cookstoves that enable the issuing of data-auditable carbon credits that can be verified down to each household and integrated with carbon blockchain ledgers. The round was co-led by Lightrock and TRIREC, with participation from Schneider Electric Energy Access Asia Fund.
The funding will enable the rollout of up to 200,000 of ATEC’s IoT (Internet of Things) electric cookstoves, called eCook, over the next three years. The rollout will focus on Bangladesh, Cambodia, Malawi, and Nepal, entrenching ATEC’s presence in Asia and Africa. ATEC will also expand its manufacturing facilities, further develop itself as a market leader in next-generation carbon data, and grow its carbon partner network.
Replacing polluting fuels with clean energy in cooking can deliver multi-million-tonne emissions reductions and save lives. Today, one-third of the world still cooks with wood, charcoal, or other dirty fuels.[1] This causes 3.2 million premature deaths each year, mostly among women and children.[2] Such practices also emit 1 gigaton of CO2 annually, which is more than the global airline industry.[3] To date, ATEC has distributed over 25,000 clean cooking appliances across the Global South.
While other carbon projects may rely on estimates and inferences, ATEC's 100% IoT data infrastructure provides precise, real-time measurement of energy usage and emissions avoidance for each individual household. ATEC then combines this transparently with the latest in independent scientific research to further enhance carbon calculation accuracy. By putting trust and transparency at the centre of each credit generated for its carbon partners, ATEC is positioned to tap into an estimated USD $16 billion-a-year opportunity as buyers increasingly demand scientific, data-driven emission reductions.[4]
ATEC’s commitment to transforming the lives of end users aligns with five United Nations Sustainable Development Goals. Users receive direct carbon payments based on their usage (as part of ATEC’s Cook-To-Earn initiative) and upfront cost reductions to access the technology. ATEC’s model is designed to make large-scale decarbonisation both achievable and more affordable.
ATEC’s current decarbonisation partners include ENGIE, the KliK Foundation, myclimate, and Livelihoods Funds. The growth capital is set to boost carbon credit supply, helping these organisations meet climate targets with trust and confidence.
Ben Jeffreys, CEO & Co-Founder of ATEC, commented:
“Every family deserves a kitchen free from smoke that damages lungs, shortens lives, and keeps people in poverty. To achieve this, we must provide households with the right technology that unlocks their carbon assets to transact directly with decarbonisation partners at scale, backed by real-time data from every stove in every home. With this investment, ATEC will show that with the right carbon data backing up every individual credit, carbon projects in the Global South can deliver scale without a compromise on transparency and trust.”
Ademidun Edosomwan, Partner and Head of Energy Access at Lightrock, commented:
“Access to affordable, sustainable, and modern energy remains one of our most critical global challenges, with more than two billion people worldwide still lacking access to clean cooking. ATEC's innovative use of tech-enabled e-cookstoves addresses this, providing transparent, verifiable impact that supports trust in carbon markets. This is exactly the kind of scalable, tech-driven solution to global challenges that Lightrock backs. We’re excited to work with Ben and the wider ATEC team as they scale their work and impact”
Melvyn Yeo, Managing Partner at TRIREC, commented:
“ATEC is redefining clean cooking carbon credits with best-in-class integrity that truly delivers. Their Cook-To-Earn program doesn’t just reward users; it transforms harmful cooking habits into cleaner practices. By leveraging a carbon financing model, ATEC has created a scalable and venture-backable clean cooking model with strong monetisation potential. Ben and the team combine execution capability and business innovation to drive transformative change for base-of-the-pyramid communities and the planet. We invested because we saw a rare combination of scalable impact and practical innovation.”
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ATEC is a global leader in IoT-enabled electric stoves which connects households to global carbon markets. Founded in Cambodia in 2016, ATEC developed the world’s first PAYG-enabled cookstove product in 2018, followed by the first IoT-enabled smart stove in 2020. ATEC currently distributes its products in 10 countries across Asia and Africa, with the goal of bringing the benefits of electric cooking and carbon markets to all women in the Global South.
ATEC’s commitment to solving clean cooking challenges is aligned with the United Nations Sustainable Development Goals 1: No Poverty, 3: Good health and well-being, 7: Affordable and clean energy, 13: Climate action.
Media enquiries: media@atecglobal.io
Lightrock is a global investment platform committed to building a sustainable future. Operating across private and public markets, Lightrock advises over $5.5 billion in assets and Lightrock funds invest in Europe, North America, Latin America, Asia, and Africa. Lightrock is a certified B Corp with a dedicated team of over 130 professionals working across a network of six offices. Lightrock advised funds have invested growth equity in more than 90 companies that pursue scalable and tech-driven business models around the key impact themes of people, planet, and productivity.
For more information, visit www.lightrock.com.
TRIREC is a Singapore-based venture capital firm established in 2015 with a clear mandate to accelerate global decarbonization through strategic early-stage investments. We focus on five key verticals - Mobility, Buildings, Industries, Energy, and Food & Agriculture, supporting technologies that actively reduce or remove greenhouse gas emissions. Alongside our main fund, we are also committed to impact investments, working alongside other mission-aligned investors to broaden our environmental and social impact. Leveraging our sector expertise, global network, and commitment to measurable outcomes, we aim to advance decarbonization while creating lasting value for the planet and our stakeholders.
For more information, visit www.trirec.co
[1] World Health Organisation, Factsheet: household air pollution. Oct 2024
[2] World Health Organisation, Factsheet: household air pollution. Oct 2024
[3] Clean Cooking Alliance, Nationally Determined Contributions and Clean Cooking. Apr 2024
[4] Abatable, Decoding the Voluntary Carbon Market in 2024 and beyond. Feb 2025
