Connect with us

Hi, what are you looking for?

Broadcasting

NASENI Makes Strategic Investment in Powerstove to Boost Production, Carbon Credit Initiatives

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.
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.

National Agency for Science and Engineering Infrastructure (NASENI) has announced its first-ever investment in Powerstove, a pioneering Nigerian company specializing in the production of cookstoves, having significant experience in carbon credit projects.

This strategic investment marks a major milestone in NASENI’s on-going efforts to combat global warming and foster a sustainable ecosystem by Nigerian companies dedicated to decarbonization.

As part of this investment, NASENI will provide both capital for growth and technical assistance to Powerstove, enabling the company to scale its production from 100 thousands units to over one million units per year.

Mr. Khalil Suleiman Halilu, Executive Vice chairman/CEO of the Agency said this substantial increase in production capacity will not only meet the growing demand for clean and efficient cookstoves but also significantly contribute to reducing carbon emissions in Nigeria.

Powerstove boasts as the largest local carbon credit project for a private company in Nigeria, currently valued at 4.5 million carbon credits.

“With this investment, NASENI is not only supporting an impact-driven enterprise but also positioning itself to benefit from carbon credit revenue, thereby reinforcing its commitment to sustainable development,” Halilu said.

This investment underscores the strong commitment of NASENI’s leadership to address climate change proactively and to build a resilient and sustainable ecosystem of innovative Nigerian companies with the potential to drive decarbonization efforts.

NASENI’s Management look forward to witnessing the positive impact of this partnership on Nigeria’s environmental and economic landscape.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

advert
ad

You May Also Like

News

Lagos State Police command has confirmed that the abducted Managing Director of Fouani Company and three other brothers and boat captain have been rescued....

Sports

Spanish club, Sevilla have agreed on a deal to sign Super Eagles forward Chidera Ejuke. The 26-year-old has a verbal agreement to join Sevilla...

News

Israeli Prime Minister Benjamin Netanyahu has announced the end of Israel’s six-member war cabinet. The Israeli leader had announced the decision at a meeting...

Business

Guinness Nigeria Plc wishes to correct the recent speculations and false/malicious misinformation alleging a plan to exit from the Nigerian market. Contrary to rumors...