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https://www.cygnumcapital.com/news/rmb-invests-in-leading-climate-tech-company-koko-as-part-of-carbon-business-growth
Submission: On January 12 via api from ZA — Scanned from DE
Submission: On January 12 via api from ZA — Scanned from DE
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Do not sell or share my personal information Deny Allow selection Customize Allow all Powered by Cookiebot by Usercentrics Get in touch HomeAbout UsNewsPeopleSustainabilityContact Expertise Investment BankingAsset Management Offices LondonAmsterdamNairobiLagosDubai RMB INVESTS IN LEADING CLIMATE TECH COMPANY KOKO AS PART OF CARBON BUSINESS GROWTH LONDON, UK: 10 JANUARY 2024 – RMB announced today a strategic partnership with climate technology leader KOKO, where it has acted as the lead mandated arranger and financier for a pioneering carbon financing solution, to further propel KOKO’s climate objectives. Cygnum Capital acted as financial and structuring adviser to KOKO. In Africa, over 900 million people cook with polluting fuels like charcoal, directly driving millions of hectares of deforestation and over 600,000 deaths from household air pollution each year, and emitting greenhouse gases that are similar in scale to the global aviation industry. To solve this problem, a continent-wide energy transition to clean and modern fuels is required. KOKO is leading this transition, replacing demand for charcoal through supplying over 1.1 million homes with bio-ethanol cooking fuel distributed through a dense network of high-tech KOKO Fuel ATMs located in thousands of corner stores across urban Kenya. The resultant carbon revenues are shared with households as a non-government energy subsidy, enabling even the poorest households to switch. Says Phil Norton, Carbon Finance Lead at RMB: “We are proud to partner with KOKO in supporting their continued rapid growth while bringing far more affordable and lower emissions energy to millions of people in Africa. As a pan-African investment bank, this deal fits well within our ambition to build a market leading carbon trading and finance business operating across Africa, serving both existing and new clients.” According to Greg Murray, CEO & Co-Founder of KOKO, RMB has demonstrated strong conviction on the opportunity to harness carbon in a manner that transforms the lives of Africa’s citizens. "We’ve been looking for an entrepreneurial banking partner that understands Africa, climate markets and technology. We are proud to embark on this long-term partnership with RMB to help accelerate the expansion of KOKO’s platform across Africa. ”Nigel Beck, Head of Sustainable Finance and ESG Advisory at RMB, adds: "Partnering with KOKO will help develop the African carbon market and will align closely with the Nairobi Declaration, Africa’s recently communicated strategy on using carbon as a mechanism to help finance Africa’s Energy transition." The Nairobi Declaration was delivered at the close of the Africa Climate Summit in Kenya in September, and formed a core part of Africa’s negotiating position at COP28 Dubai. Cygnum Capital acted as financial and structuring adviser to KOKO. James Doree, Head of Corporate IB at Cygnum Capital, noted: “Koko has been able to achieve a limited recourse debt financing using its carbon income to fund the growth of its platform across Africa. This is where innovative finance meets innovative business and climate solutions. Koko is already delivering affordable clean fuel solutions for households in Kenya and will continue to leverage carbon markets to do this across the Continent.” To find out more about Cygnum fund click here VIEW DOCUMENT OTHER RECENT NEWS January 12, 2024 ALCB FUND'S INVESTMENT IN SOLEA HELPS ANSWER THE ILLS OF THE IVORIAN COCOA SUPPLY CHAIN Click for more January 9, 2024 E3 LOW CARBON ECONOMY FUND LEADS SEED ROUND IN BADILI AFRICA, A RE-COMMERCE STARTUP OFFERING REFURBISHED DIGITAL DEVICES Click for more January 4, 2024 COPPERBELT ENERGY HAS ANNOUNCED THAT THE FIRST TRANCHE OF THE US$200 MILLION GREEN BOND PROGRAMME WAS OVERSUBSCRIBED BY OVER 178% Click for more HomeAboutInvestment BankingAsset ManagementNewsSustainabilityDisclosure DocumentsPeopleCareers ContactLondonAmsterdamNairobiLagosDubai Whistle BlowingAnonymous Reporting Copyright © 2024 Cygnum Capital. All Rights reserved. 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