E+Co and Energy Efficient Cook Stove Enterprise Partner for Clinton Global Initiative Commitment
NEW YORK, Sept. 23 /PRNewswire-USNewswire/ — E+Co, a US-based investor in small and growing clean energy enterprises in developing countries, and investee Toyola Energy Ltd. in Ghana, were onstage at the Clinton Global Initiative’s Sixth Annual Meeting on Tuesday, jointly committing to a three-year program to sell at least 140,000 energy efficient cook stoves and 10,000 solar products over a three-year period. Christine Eibs Singer, E+Co Co-Founder and CEO, and Suraj Wahab O, Co-Founder of Toyola, presented the joint commitment.
This commitment coincided with the announcement by Secretary of State Hillary Rodham Clinton of U.S. support for the Global Alliance for Clean Cook stoves, a United Nations Foundation-led initiative to bring increased resources to the research and development of cook stoves, and facilitate the commercialization and distribution of stoves worldwide. E+Co is a member of the Global Alliance.
E+Co, a US-based 501c3, provides support services and capital to clean energy enterprises in Africa, Asia and Latin America, to reduce the impact of climate change and energy poverty. Established in 1994, it has made 268 investments totaling $40 million in 20+ countries in small and growing enterprises that serve “energy poor” rural and peri-urban regions of the developing world. This investment has provided 6.2 million people with access to clean energy, and offset 24 million tons of carbon over the life of projects.
E+Co supports enterprises like Toyola Energy Ltd., which serves regions of Ghana where people still cook with firewood and animal fuels and use kerosene for lighting. Seeing opportunity in these unserved markets, Suraj Wahab O and his partner established an enterprise that over four years has sold 80,000 energy efficient stoves. These stoves, which are 50% more efficient than traditional stoves, significantly reduce green house gas emissions, and serve as the platform for E+Co’s carbon finance work, which returns capital to the markets that Toyola serves.
“People in these regions need and want quality clean energy products,” states Wahab. “They have money to spend, provided the product is good, saves them money, improves their health, and they have the ability to purchase on credit. No one else is serving these markets except Toyola, and we are creating a good business here while we help people to live better.”
Says E+Co’s Eibs Singer, “Via E+Co’s ‘market-based, entrepreneur-centric’ model, critical financial and training resources are reaching these unserved regions, and creating business opportunity while doing good. The actions of E+Co and our clean energy partners are resulting in the launch and scale of global clean energy distribution networks. Working together, we are changing lives.”