ATEC* Partnered with CCA to Develop World’s First PAYGO-enabled Magnetic Induction Stove
ATEC* is an international manufacturer and distributor of biodigesters and magnetic induction stoves currently operating in Cambodia and Bangladesh. Founded in 2016, ATEC* developed and patented cookstoves that merges pay-as-you-go (PAYGO) technology with biodigesters as well as electric cookstoves. In the last five years, ATEC* has provided over 12,500 people in Cambodia and Bangladesh with clean cooking solutions and launched pilot programs in six other countries.
In 2020, ATEC* began a project to diversify its product line in addition to their biodigesters and started developing new PAYGO-enabled, high energy efficiency electromagnetic induction stoves marketed to the emerging segment of Base of Pyramid (BoP) households with grid access in Asia.
The Clean Cooking Alliance’s (CCA) Venture Catalyst Program teamed up with ATEC* to support the development of their PAYGO technology and help scale their new electric cookstove – eCook. Through funding and support from CCA, this partnership:
- Leveraged the company’s existing knowledge on PAYGO, last-mile distribution, and cookstove development to pivot towards more modern cooking products that can be scaled through modern eCommerce distribution models,
- Developed and commercialized ATEC*’s eCook and their global supply chain, making it financially accessible to BoP consumers,
- And supported the development of Internet of Things (IoT) functionality to provide usage data for carbon credits, impact usage data to investors and partners, and enhanced user experience.
The project has led to development of PAYGO-enabled single and double magnetic induction stoves. In January 2021, ATEC* launched early commercial trials of 450 units and will reach 6,000 units by June 2022. On the basis of this new IoT product line combined with a data-driven, scalable business model, ATEC* is currently raising a Bridge Convertible and planning to follow with a commercial Series A round in 2022 to continue international market expansion.
“With CCA’s support, ATEC* was able to invest in the R&D required to develop and launch eCook. Eighty percent of households in our target countries now have reliable grid access, yet three of four households still cook with wood. We see that BoP households will leapfrog from current habits to the highest tier of energy efficiency: low cost electric cooking.”
– Ben Jeffreys, CEO of ATEC*