Kenyan climate-tech startup KOKO has secured funding from Rand Merchant Bank (RMB) to further its mission.
KOKO, known for replacing charcoal demand, supplies bioethanol cooking fuel to over 1.1 million homes through high-tech KOKO Fuel ATMs in corner stores across urban Kenya.
The carbon revenues generated are shared with households, acting as a non-government energy subsidy, making it feasible for even the poorest households to switch.
RMB, previously the lead arranger and financier for the carbon financing solution, has now directly invested to support KOKO’s climate goals.
KOKO’s CEO, Greg Murray, expressed excitement about the long-term partnership, while Phil Norton from RMB highlighted the bank’s commitment to bringing affordable, low-emission energy to millions across Africa.
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