PricewaterhouseCoopers (PwC) has begun the sale of KOKO Networks' assets after the Kenyan climate tech startup collapsed in early 2026. The auction includes the company's bioethanol cooking technology, smart fuel ATMs, proprietary stoves, fuel canisters, software platform, manufacturing plant in India, and retail infrastructure across Kenya and Rwanda. Bidders must be able to complete transactions worth over $15 million, with expressions of interest closing on July 17, 2026. KOKO Networks once served more than 1.5 million households, offering a cleaner alternative to charcoal and kerosene through its network of automated fuel refill stations. Founded in 2014, it launched its consumer fuel network in 2019 and scaled rapidly, raising hundreds of millions in debt, equity, and guarantees tied largely to carbon credit revenue.
The company entered administration in February 2026 after running out of cash, laying off all 700 employees across Kenya, Rwanda, India, Mauritius, and the UK. Its downfall began in late 2020225 when the Kenyan government refused to issue authorisations for KOKO to sell carbon credits on international compliance markets. This, combined with allegations that some carbon credit claims were overstated, cut off a critical revenue stream. The sale is being managed by PwC as administrator and liquidator, with proceeds first going to secured creditors including FirstRand Bank, the AfricaGoGreen Fund, and the Mirova Gigaton Fund. Employees owed salary arrears will be paid afterward under Kenya's insolvency rules. The buyer will inherit a fully built ecosystem: intellectual property, patents, distribution networks, and one of Africa's most recognised clean cooking brands.
KOKO's failure has become a major cautionary tale in African climate tech, exposing the risks of business models dependent on carbon markets and government policy shifts. The new owner will face the same core challenge: building a sustainable clean cooking business without relying on uncertain carbon credit income.
A startup once celebrated for turning carbon credits into clean cooking access for 1.5 million people is now being sold off piece by piece. The collapse shows how deeply African climate tech ventures can be undermined when their survival depends on policy approvals and volatile international markets. No Nigerian firm is directly involved, but the outcome could influence how local investors assess the risks behind green tech models tied to unproven revenue streams.
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