PwC has assumed control of Koko Networks after the clean-cooking startup ceased operations in Kenya, marking a critical step in managing the company’s collapse. The move follows the appointment of PwC joint administrators, Muniu Thoithi and George Weru, on February 1 under Kenya’s Insolvency Act 2015, transferring decision-making and asset control from Koko’s management to the administrators.
The administration process aims to explore options to rescue the business where possible or achieve better outcomes for creditors than outright liquidation. By January 31, more than 700 employees had been laid off as fuel distribution slowed and, in several areas, came to a halt. Low-income households reliant on ethanol refills were left without supply.
Brandspur Business News reports that Koko Networks had at its peak served between 1.3 and 1.5 million households via approximately 3,000 automated fuel stations across Kenya and Rwanda, though operations in Rwanda had paused prior to the collapse. The startup had aimed to offset losses on subsidised fuel and smart stove sales through carbon credit revenues, but regulatory setbacks blocked these plans. A senior official recently rejected Koko’s application for a Letter of Authorisation to sell carbon credits internationally, nullifying projected revenue streams tied to over $300 million in equity, debt, and guarantees.
The company’s operational challenges predated this setback. In April 2024, Kenya’s Energy and Petroleum Regulatory Authority suspended bio-ethanol imports, forcing Koko to depend on a costlier local supply, which strained logistics and margins. Despite efforts to sustain operations through late 2025, fuel shortages became frequent.
Koko Networks had garnered significant backing from investors including Microsoft’s Climate Innovation Fund, Verod-Kepple, Mirova, Rand Merchant Bank, and the World Bank’s Multilateral Investment Guarantee Agency, which provided a $179.6 million guarantee.
PwC now faces strategic decisions: whether parts of Koko Networks can be salvaged or whether a structured wind-down will better satisfy creditor claims. Creditors have been given 14 days to submit claims, after which administrators will assess next steps.
The administration of Koko Networks highlights the complex interplay between regulatory compliance, funding models, and operational sustainability in African clean-tech ventures, particularly those serving low-income markets.
