Powerstove Wins N1.8 Billion Catalytic Funding to Expand Clean Cooking Solutions in Nigeria

Powerstove, a Nigerian clean energy company focused on clean cooking technology, has won N1.8 billion (US$1.2 million) in catalytic debt funding from Cascador to accelerate the expansion of its operations and broaden access to cleaner cooking solutions across Nigeria.

The funding was announced during Cascador’s 2026 Pitch Day in Lagos, where the entrepreneurship platform committed more than US$5 million to seven African startups operating in sectors including clean energy, agriculture, artificial intelligence and financial technology.

Powerstove, founded by Nigerian entrepreneur Okey Esse, emerged as one of the largest recipients of the funding round, with the debt facility expected to support increased manufacturing capacity, wider market penetration and stronger distribution networks.

The investment comes as millions of households across sub-Saharan Africa continue to rely on traditional biomass fuels such as firewood and charcoal for cooking, contributing to deforestation, greenhouse gas emissions and harmful indoor air pollution. Clean cooking technologies are increasingly being viewed as a practical solution to improve public health while advancing climate and energy access goals.

For Powerstove, the additional capital provides an opportunity to scale commercially while addressing the affordability and accessibility challenges that have limited the adoption of cleaner cooking alternatives in many communities.

The transaction also reflects a broader shift in Africa’s financing landscape, where debt financing and blended capital structures are becoming increasingly important as venture capital funding remains more selective than during the record investment years of 2021 and 2022.

Cascador’s Catalytic Fund, established in partnership with Sterling Bank, was created to bridge financing gaps for growth-stage businesses by offering debt, equity, guarantees and collateral support to companies that have demonstrated operational traction but face challenges accessing conventional funding.

Powerstove’s selection signifies growing investor confidence in climate-focused enterprises that combine commercial viability with measurable environmental and social impact. As governments and development partners intensify efforts to improve energy access and reduce emissions, clean cooking technologies are attracting greater attention as scalable solutions capable of delivering both economic and sustainability benefits.

The company joins other startups supported through Cascador’s 2026 funding programme, including Agriarche, Koolboks, First Electric, Stears and Indigenius AI, with the cohort collectively receiving approximately N7.7 billion (US$5.6 million) in catalytic financing.

Beyond providing fresh capital, the funding positions Powerstove to accelerate its mission of expanding access to cleaner cooking technologies and demonstrates how alternative financing models are emerging as a critical tool for scaling innovation in Africa’s evolving energy sector.