Goldfinch Borrower Spotlight: Greenway (via Almavest)

Greenway is an India-based manufacturer and distributor of clean cookstoves. Since May 2021, Greenway has sourced $750,000 in debt from the Goldfinch protocol via the credit fund, Almavest.

Website

https://www.greenwayappliances.com/

Geography

India

Borrower Pool

$750,000, Pool Link (Included in a basket of deals funded by Almavest)

Description

Today over 3 billion people globally cook over open fires. As these fires burn, they release smoke and soot that cause over four million premature deaths each year. These traditional cooking practices also produce 2–5% of annual greenhouse gas emissions worldwide.

To help combat this pollution, Greenway was founded in 2011 by a team of engineers to design, manufacture, and distribute clean cookstoves and other household appliances to low-income consumers in South Asia and sub-Saharan Africa. Since its inception, Greenway has sold over 850,000 clean cookstoves and the Greenway Smart Stove is also India’s best-selling clean cookstove.

The proceeds of this loan to Greenway will go towards the manufacturing of 25,000 clean cookstoves which will be distributed to customers in Zambia. Each stove generates 1 ton/CO2/year in offset credits (CER).

Below are a few key facts on Greenway:

• Greenway employs ~100 people in Mumbai (HQ), Bangalore, and Vadodara
• Each stove costs approximately $30 to produce and distribute and is
  modeled to generate about 8.7 tons of carbon offsets through 2025
• Greenway holds 2 patents for its stove design

You can learn more about Greenway here