ATEC, a global leader in IoT-enabled electric stoves, has successfully raised $3.75 million in a Series A funding round to support its expansion across Asia and Africa.
The investment was co-led by Schneider Electric Energy Access Asia (SEEAA) and Spark+ Africa Fund, with additional participation from institutional investors including DRW, Save the Children Global Ventures, Kibo Investments, and iDE.
SEEAA, an impact fund dedicated to investing in startups that work towards improving quality of life and boosting economic development in Asia, played a crucial role in this funding round.
The fund, managed by Schneider Electric, focuses on early-stage clean energy ventures in South and Southeast Asia.
Gilles Vermot Desroches, Senior Vice President of Corporate Citizenship at Schneider Electric and President of SEEAA, expressed enthusiasm for supporting ATEC’s growth.
He highlighted the company’s potential to accelerate social impact for rural and low-income households while reducing carbon emissions through its innovative combination of IoT technology, data accuracy, and carbon finance.
ATEC’s proprietary stove technology produces data-verifiable and auditable carbon credits, addressing the issue of over-crediting in voluntary and compliance cookstove carbon markets.
This unique feature positions ATEC as a leader in the sector for decarbonising cooking.
Ben Jeffreys, Co-Founder and CEO of ATEC, outlined the company’s ambitious plans to expand partnerships with last-mile distributors and carbon buyers across Asia and Africa.
The ultimate goal is to empower 800 million women across the Global South to actively participate in reducing climate change while generating income.
The investment will enable ATEC to scale its operations and enhance its R&D efforts, particularly in IoT and Web 3.0 technologies.
The company aims to generate 10 Gigawatt Hours of decarbonised cooking per day within the next decade, potentially reducing carbon emissions by up to 10 million tons annually.
This funding round marks a significant milestone for ATEC and the clean cooking sector, promising to drive innovation and expand access to affordable, sustainable cooking solutions across developing markets in Asia and Africa.