4 June 2024,
Rueil-Malmaison (France), July 1, 2024 – Schneider Electric Energy Access Asia (SEEAA), an impact fund managed by Schneider Electric, the leader in the digital transformation of energy management and automation, along with Spark+ Africa Fund closes US$3.75M Series A in ATEC to support global expansion across Asia & African markets of its market-leading IoT electric stoves. Other institutional investors in the round include DRW, Save the Children Global Ventures, Kibo Investments and iDE.
SEEAA is a €21M investment vehicle managed by Schneider Electric to invest in early-stage clean energy ventures in South and Southeast Asia.
Gilles Vermot Desroches, Senior Vice President Corporate Citizenship Schneider Electric and President of SEEAA, stated that, “We are thrilled to support ATEC in their growth, accelerating social impact for rural and low-income households and reducing carbon emissions. We believe that their ability to combine IoT, ensure data accuracy, and utilise carbon finance will be instrumental in democratizing access to clean cooking.”
ATEC’s proprietary stove produces data-verifiable and auditable carbon credits, which resolves the majority of the current over-crediting issues currently holding back the voluntary and compliance cookstove carbon markets.
"ATEC will expand its partnerships with last-mile distributors and carbon buyers across Asia & Africa,” says ATEC Co-Founder & CEO Ben Jeffreys, “with ATEC’s ultimate goal of being the technology that empowers 800 million women across the Global South to not only play an active role in reducing climate change but turn it into an income.”
Since 2019, ATEC has been leading the sector in technology for decarbonising cooking and was recognised by UC Berkeley as 1 of 5 globally recommended cookstove carbon projects. As carbon markets move further towards compliance and accountability, technology that can provide 100% auditable data to verify their claims will be key to unlocking markets in Africa & Asia.
“Given greater rates of electrification and improving grid/mini-grid reliability in many African countries, electricity is a clean, modern cooking option for a growing number of consumers,” says Spark+ Investment Directors Peter George & Xavier Pierluca, “With the integration of IoT technology, the upfront and ongoing barriers to electric cooking will significantly decline and we are confident ATEC is well-positioned to be one of the leading companies in this emerging space.”
With this Series A, ATEC will also continue its core investment in R&D - in particular the latest developments in IoT & Web3.0 and bringing these benefits to households in the Global South.
Within the next decade, ATEC plans to generate 10 Gigawatt Hours of decarbonised cooking per day in households across the Global South. This will reduce carbon emissions of up to 10 million tons per year - the equivalent of driving 2.4million petrol cars for one year. In addition to the positive climate impact, the removal of smoke from cooking with wood will have significant health outcomes on women and children.
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About ATEC
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.
About Schneider Electric
Schneider’s purpose is to create Impact by empowering all to make the most of our energy and resources, bridging progress and sustainability for all. At Schneider, we call this Life Is On.
Our mission is to be the trusted partner in Sustainability and Efficiency.
We are a global industrial technology leader bringing world-leading expertise in electrification, automation and digitization to smart industries, resilient infrastructure, future-proof data centers, intelligent buildings, and intuitive homes. Anchored by our deep domain expertise, we provide integrated end-to-end lifecycle AI enabled Industrial IoT solutions with connected products, automation, software and services, delivering digital twins to enable profitable growth for our customers.
We are a people company with an ecosystem of 150,000 colleagues and more than a million partners operating in over 100 countries to ensure proximity to our customers and stakeholders. We embrace diversity and inclusion in everything we do, guided by our meaningful purpose of a sustainable future for all.
