Acumen exits Tanzania’s KopaGas
Posted on: 6 July, 2020 at 9:09 AM
Acumen has exited Tanzanian pay-as-you-go technology company KopaGas through Circle Gas’s $25-million acquisition of the company’s technology – the largest-ever pure private equity investment in the clean cooking sector.
Acumen is a not-for-profit firm in the venture capital and private equity space that invests in companies, leaders and ideas whose products and services are enabling the poor to transform their lives.
In a country where the vast majority of low-income households lack access to clean cooking technologies, KopaGas’s trademarked smart meter enables customers to purchase any amount of cleaner-burning liquified petroleum gas (LPG) within their budget for the first time.
Acumen invested early-stage equity in the company in 2018, following its product pilot. The investment helped KopaGas bring its product to market and connect 1,300 Tanzanian households to LPG-fueled clean cooking.
Acumen is forming a new partnership with the Modern Energy Cooking Services programme, funded by the Department for International Development (DfID), to accelerate the transition from biomass-based cooking to modern, clean, low-carbon energy-efficient alternatives such as electric cooking, LPG, ethanol or biogas.
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