EKI Energy Services Ltd's arm expands Clean Cooking Initiative with New Manufacturing Unit in Nairobi

EKI Energy Services Ltd., a leading global developer and supplier of carbon credits in the International Voluntary Carbon Markets, today announced that its subsidiary GHG Reduction Technologies Pvt. Ltd., has set up a new manufacturing unit in Nairobi, Kenya. This strategic venture, established in collaboration with a local manufacturer, MCI Limited, marks a significant milestone in EKI's clean cooking initiative, aimed at transforming cooking practices across Africa.

The newly inaugurated facility is set to become a cornerstone in EKI's mission to provide efficient, biomass-based cookstoves to rural and economically disadvantaged households. This initiative seeks to deliver clean cooking solutions to regions that lack access to advanced cooking technologies, thereby fostering both environmental sustainability and economic development.

The clean cooking initiative spearheaded by EKI is designed to address pressing needs in underserved communities. By producing and distributing improved cookstoves (ICS), the project aims to reduce reliance on traditional biomass fuels, which are linked to deforestation, environmental degradation and health hazards. The efficient cookstoves not only cut household expenses but also mitigate the drudgery of collecting firewood, a task predominantly undertaken by women and children.

GHG Reduction Technologies Pvt. Ltd., a subsidiary of EKI Energy Services Ltd., is dedicated to providing innovative and sustainable solutions for global environmental challenges. The company focuses on clean cooking technologies, aiming to improve health, reduce environmental impact, and foster economic development in underserved communities worldwide.

Mr. Manish Dabkara, Chairman & MD of EKI Energy Services Ltd. (EKI), said, "Today marks a transformative step in our commitment to environmental sustainability and community empowerment at EKI Energy Services Ltd. With GHG's new manufacturing unit in Nairobi, we are not just producing cookstoves; we are igniting a movement towards clean, efficient, and sustainable cooking solutions. This initiative embodies our dedication to improving health outcomes, reducing deforestation, and fostering economic growth across Africa. We are excited to expand our reach and make a tangible difference in the lives of millions."

Mr. Pavit Kenth, Managing Director of MCI Limited, said, "We at MCI Ltd. are excited to partner with EKI Energy Services Ltd. to produce high-quality cookstoves in Nairobi, Kenya. This venture marks a key milestone for us, advancing our manufacturing capabilities while promoting environmental sustainability and economic development in the region."

The new manufacturing facility is set to significantly enhance GHG's production capabilities. Currently, the company's plant in Nasik, Maharashtra, boasts a production capacity of up to 4 million cookstoves annually. The Nairobi unit is expected to play a crucial role in distributing 500,000 cookstoves across Eastern Africa in the first year, with plans to extend distribution to other regions of the continent.

The benefits of this initiative extend beyond immediate health and environmental impacts. By lessening the time spent cooking over open fires, the cookstoves free up valuable hours for individuals to engage in economic activities and education, thus improving overall quality of life. The project is poised to play a critical role in advancing sustainable energy practices and enhancing the socio-economic conditions of the communities it serves.

This project aligns with EKI's broader objectives of promoting sustainable development and achieving various Sustainable Development Goals (SDGs). By addressing issues such as energy access, gender inequality, and environmental degradation, the initiative supports up to 10 SDGs including SDG 1 (No Poverty), SDG 3 (Good Health and Well-being), SDG (Quality Education), SDG 5 (Gender Equality), SDG 7 (Affordable and Clean Energy), SDG 8 (Decent Work and Economic Growth), SDG 11 (Sustainable Cities and Communities), SDG 12 (Responsible Consumption and Production), SDG 13 (Climate Action), and SDG 15 (Life on Land).

In addition to the progress made in Africa, GHG has previously implemented cookstove distribution projects in India, Ghana, Kenya, and Malawi. The company has distributed approximately 1.8 million cookstoves in India, 210,000 in Ghana, 25,000 in Malawi, and 20,000 in Kenya, reaching over 2 million households. Future plans involve scaling operations to other parts of Africa and Asia, with additional manufacturing facilities slated for strategic locations to meet diverse regional needs.

Shares of EKI Energy Services Ltd was last trading in BSE at Rs. 332.10 as compared to the previous close of Rs. 333.65. The total number of shares traded during the day was 33632 in over 1252 trades.

The stock hit an intraday high of Rs. 338.80 and intraday low of 323.00. The net turnover during the day was Rs. 11104861.00.

Source : Equity Bulls

Keywords

EKIEnergyServices GHGReductionTechnologies NewManufacturingUnit Nairobi Kenya