Although the deal's exact magnitude was not made public, those familiar with the negotiations said the business raised $15 million. A $5 million investment and a $10 million carbon finance for carefully selected offset projects are included in this program.

According to the sources, the fundraising round raises Key Carbon's valuation to $250 million.

As part of this collaboration, Marex will acquire a minority share in Key Carbon. Through the agreement, Key Carbon has been able to acquire a significant investment intended to improve the development and distribution of inexpensive, low-emission cookstoves across Africa. Through a joint venture with BURN Manufacturing, Global Cookstoves is carrying out this effort.

In order to accelerate the implementation of crucial projects in eight African nations, Key Carbon has so far committed $45 million in Global Cookstoves.

In order to maintain project integrity, Key Carbon focuses on finding and funding carbon credit projects while providing ongoing governance, oversight, and operational assistance.

Over 1.5 million cookstoves in Africa that run on biomass will be financed using financing from Marex, which is expected to enhance the lives of about 7.5 million people. It is projected that more than 46 million tons of carbon dioxide or comparable emissions would be prevented or eliminated by these cookstoves and other Key Carbon programs.

"This latest partnership is a powerful endorsement of our approach to investing in the VCM and demonstrates our ongoing ability to attract meaningful funding in a challenging market through our robust approach to sourcing and governance," said Luke Leslie, co-founder and CEO of Key Carbon, emphasizing the significance of the collaboration. Such partnerships will be essential to expediting climate action and providing disadvantaged areas with real benefits.

The strategic advantages of this partnership were also highlighted by Marex's head of environmental, Bastien Declercq, who stated, "With this partnership, we can further diversify our emissions offering and gain access to a new range of market participants that we can service through our comprehensive platform." The market has lagged in recent years due to consistent availability to reliable carbon credit sources. We can assist our clients move to a greener future in a more meaningful way by advancing up the value chain.