KOKO Network Assets Up For Sale by PwC

The once-celebrated clean cooking innovator, KOKO Network, is now seeking new ownership as its assets are being brought to market by administrator PwC. The company, which previously served over 1.5 million households with bioethanol fuel, has entered a liquidation process following a significant financial downturn earlier this year. Interested parties capable of undertaking transactions exceeding $15 million are invited to submit bids for the company's intellectual property, its manufacturing facility located in India, and its established fuel distribution infrastructure. The deadline for expressing interest is July 17, 2026.

This divestiture marks a stark reversal for a venture once lauded as a leader in Africa's climate technology sector. KOKO Network pioneered a model utilizing smart fuel dispensers, enabling households to access cleaner cooking alternatives to traditional charcoal and kerosene. Its operational footprint extended across Kenya and Rwanda, supported by proprietary stoves, fuel containers, and a sophisticated software platform, cementing its status as a prominent climate-tech entity on the continent. The current sale encompasses this entire operational ecosystem, from patents and proprietary technology to its physical production and retail networks.

Established in 2014, KOKO Network experienced rapid expansion, launching its consumer fuel network in 2019 and reaching a milestone of one million households by 2023. The company secured substantial funding, including hundreds of millions in debt, equity, and guarantees. A critical component of its financial strategy involved revenue generated from carbon credits. However, the business faced insurmountable challenges in late 2025 when the Kenyan government ceased issuing necessary authorizations for the company to sell carbon credits into international compliance markets. Compounded by accusations of inflated carbon credit claims, this revenue stream evaporated, leading to severe financial distress.

By January 2026, KOKO Network had exhausted its capital reserves and was forced to lay off its entire workforce of 700 employees across its international locations, including Kenya, Rwanda, India, Mauritius, and the UK. The company subsequently entered administration in February 2026. This sequence of events has positioned KOKO as a significant cautionary tale within Africa's climate-tech industry, highlighting the fragility of business models heavily reliant on external market dynamics and regulatory approvals.

The failure of KOKO Network underscores the inherent risks for climate startups whose financial sustainability is deeply intertwined with government policies and the volatile international carbon markets. The sale proceeds are designated to satisfy secured creditors first, including financial institutions such as FirstRand Bank, the AfricaGoGreen Fund, and the Mirova Gigaton Fund. Following these obligations, any remaining funds will be allocated to employees for outstanding salary arrears, in accordance with Kenyan insolvency regulations.

The acquisition of KOKO Network's assets presents a unique opportunity to inherit a developed technological framework, a recognized consumer brand, and a substantial clean cooking platform in Africa. However, the prospective buyer will face the formidable task of establishing a resilient business model that mitigates the risks associated with over-reliance on unpredictable carbon credit revenues—the very challenge that led to KOKO's downfall. The outcome of this sale could significantly influence future investment and innovation within the clean cooking and broader climate-tech sectors across the African continent.