Atec secures $15.5M Funding for Lightrock and TRIREC

Atec, a company in Cambodia that is developing internet of things (IoT) clean cookstoves, has secured US$15.5 million in a funding round co-led by Lightrock and TRIREC.

The funds will support the deployment of up to 200,000 smart cookstoves over the next three years in Bangladesh, Cambodia, Malawi, and Nepal. ATEC's technology enables measurement and verification of household-level carbon credits, which can be tracked through a blockchain ledger.

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Key Highlights

ATEC secures US$15.5M to deploy 200,000 IoT-enabled clean cookstoves.
Smart cookstoves to generate household-level carbon credits via blockchain.
Over 25,000 clean cooking devices already distributed across the Global South.

Other investors in the round include Schneider Electric Energy Access Asia Fund, the company said. According to ATEC, its cookstoves are intended to replace traditional fuels such as wood and charcoal that contribute to air pollution and greenhouse gas emissions.

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ATEC stated it has distributed more than 25,000 clean cooking devices in the Global South to date.