Cambodia’s clean cooking technology firm ATEC has raised $15.5 million in a funding round co-led by Lightrock and TRIREC, with participation from Schneider Electric Energy Access Asia Fund.
The firm said in a statement on last Thursday that the funding allows the firm 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 funding will enable the rollout of up to 200,000 of ATEC’s Internet of Things (IoT) 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.
“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 decarbonization 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,” said Ben Jeffreys, Chief Executive Officer and Co-Founder of ATEC.
It is noted that 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 percent 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 center of each credit generated for its carbon partners, the firm is positioned to tap into an estimated $16 billion-a-year opportunity as buyers increasingly demand scientific, data-driven emission reductions.
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 decarbonization both achievable and more affordable.
The firm’s current decarbonization partners include ENGIE, the KliK Foundation, myclimate, and Livelihoods Funds.
The growth capital is set to boost carbon credit supply, helping these organizations meet climate targets with trust and confidence.
“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,” said Ademidun Edosomwan, Partner and Head of Energy Access at Lightrock.
“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,” he added.
Melvyn Yeo, Managing Partner at TRIREC, said 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 monetization potential,
“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,” he added.
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