FinCo Fuel invested in ACE early on. “As an early buyer of our CO2 calculations, FinCo has been essential to us and the development of our Proof of Concept,” says Ruben Walker, CEO of ACE. “They trusted us and supported us with extra funds so that ACE could develop and make the concept more sophisticated. That was extremely important.”
In addition, ACE and FinCo developed a transparent and data-supported methodology to precisely measure the CO2 emissions’ reduction of these efficient cooking appliances. This methodology has since been improved considerably. The stove contains a microprocessor that keeps track of how long the ACE One is used daily. As soon as the users connect their mobile phones to it, the device transmits the data via an app.
“You can deduce a lot from that data,” says Walker. “When you know how often the appliance is being used, you know whether the capacity is being used to its full potential. You can also extrapolate how much time women spent collecting wood for cooking. And you know how much CO2 they have saved.”
That carbon offset has a “huge value”, says Walker. “And there are companies that are willing to pay for that. Which is extremely important. We have a difficult business case, because our customers are poor. But when they use their stove properly, it automatically generates enormous carbon values.
This target group can offset at least 3 to 10 tonnes per year. With a carbon price in Europe that is currently 60 euros per tonne, which is a good indication of the ultimate value of carbon, you’re easily talking about several hundred euros per year. And that’s a lot for people with minimal income.”