Second left: EVC/CEO of National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Suleiman Halilu and Founder/CEO, Powerstove Energy, Okey Esse, during the signing of the Memorandum of Understanding (MoU) at the Agency's headquarters in Abuja on Thursday, May 23, 2024.
NASENI Invests in Powerstove to Boost Clean Cookstove Production and Carbon Credit Initiatives
By Gloria Sarauniya Usman
ABUJA, NIGERIA May 23, 2024 -
The National Agency for Science and Engineering Infrastructure (NASENI) has made a strategic investment in Powerstove, a Nigerian company pioneering clean cookstove production and carbon credit projects. This milestone investment supports NASENI's efforts to combat global warming and promote sustainability.
According to the Release,
NASENI's investment will scale Powerstove's production from 100,000 to over 1 million units per year.
The increased production capacity will meet growing demand for clean cookstoves and significantly reduce carbon emissions in Nigeria.
Powerstove boasts the largest local carbon credit project for a private company in Nigeria, valued at 4.5 million carbon credits.
NASENI will benefit from carbon credit revenue, reinforcing its commitment to sustainable development.
"With this investment, NASENI is supporting an impact-driven enterprise and positioning itself to benefit from carbon credit revenue, thereby reinforcing its commitment to sustainable development." - Khalil Suleiman Halilu, Executive Vice Chairman/CEO of NASENI
In conclusion this investment demonstrates NASENI's leadership commitment to addressing climate change and building a sustainable ecosystem of innovative Nigerian companies driving decarbonization efforts. The partnership is expected to positively impact Nigeria's environmental and economic landscape.
The Press Release was esigned by
Mr. Olusegun Ayeoyenikan, Director of Information, NASENI
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