Koko Networks administrators begin sale of collapsed clean cooking startup’s assets

Administrators have begun marketing the assets of Koko Networks, the clean cooking startup that served more than one million Kenyan households, in the first major step toward winding down the company after its collapse in January. 

The sale advances Koko’s insolvency after the company shut down operations and laid off more than 700 employees when the Kenyan government declined to approve a Letter of Authorisation needed to unlock carbon credit revenues. 

Administrators are seeking buyers capable of transactions exceeding $15 million, signalling a preference for a strategic sale of the business rather than a breakup of individual assets.

An insolvency notice seen by TechCabal invites expressions of interest by July 17 for Koko’s integrated ethanol cooking technology and manufacturing platform. PwC, which is overseeing the administration of Koko Networks Limited, is expected to shortlist bidders after the deadline.

The assets include the company’s intellectual property portfolio, comprising patents, hardware designs and software technologies developed over more than a decade. They also include Koko’s stove and canister manufacturing plant in Sanand, Gujarat, India, and the fuel distribution and retail platform that supported more than 3,000 automated fuel stations across Kenya.

While PwC is administering Koko Networks Limited, affiliated Indian entities Saarus Innovations Pvt Ltd and Koko Networks Pvt Ltd are being wound up through voluntary liquidation.

Prospective buyers must demonstrate the financial capacity to complete deals exceeding $15 million before receiving detailed sale documents, according to the notice.

The sale follows Koko’s collapse after the Kenyan government rejected the Letter of Authorisation required for the company to sell carbon credits internationally. Without that approval, Koko lost access to the revenue stream that subsidised ethanol fuel prices for more than one million households using its smart cooking system.

Founded in 2013 by Gregg Murray, Koko was backed by undisclosed equity and debt rounds from investors including Microsoft’s Climate Innovation Fund, Mirova, Verod-Kepple, and Rand Merchant Bank. The World Bank’s Multilateral Investment Guarantee Agency (MIGA) also backed the business with a $179.6 million guarantee.

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