ENVIROFIT INTERNATIONAL, INC.Status: Approved investment
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Who is our customer
Envirofit International is a social enterprise that uses a market-based approach to create access to affordable, efficient, clean cooking technologies for household and commercial uses. Their aim is to improve livelihoods, empower communities and transform lives. So far the company has sold more than 1 million cookstoves in over 45 countries through extensive local distribution networks. Envirofit is a leading player in the manufacturing and distribution of cookstoves.
What is our funding objective?
FMO provides USD 3 million in equity. Next to FMO's finance, Shell Foundation provides USD 3 million in equity and the Oversee Private Investment Corporation (OPIC) provides a USD 4 million working capital loan. Together this covers the expected funding requirement of Envirofit to reach break-even and become a financially sustainable company.
Why do we fund this investment?
This project has a very high development impact as Envirofit is able to make the products more easily available in an affordable manner with consequential significant environmental, health, livelihood and women empowerment benefits. Household impact: up to 80 percent reduction in smoke and toxic emissions, up to 50 percent reduction in cooking time and up to 60 percent reduction in fuel requirements, up to 50 percent reduction in fuel costs and up to 40 percent improvement in cooking efficiency. Environmental impact: up to 60 percent reduction in CO2e and up to 40 percent reduction in black carbon which causes significant health problems leading to premature mortality.
|Total FMO financing
|USD 1.50 MLN
|EUR 0.10 MLN
- Website customer/investment
- Effective date
- Total FMO financing
- USD 1.50 MLN
- Building Prospects
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C)