Off-grid solar firm Kingo raises USD 8m to expand across new markets

Kingo solar energy kit. Source: Kingo

Aug 16 (Renewables Now) - Kingo, a Guatemala-based provider of a pre-paid solar energy service, said on Wednesday it has closed a USD-8-million (EUR 6.8m) Series B financing round.

The company offers solar energy kits to off-grid households at the bottom of the economic pyramid. Its model requires no loans, no installation fees and no maintenance costs.

Kingo said it has raised funding from the FCP fund, France’s Engie (EPA:ENGI), Dutch development bank FMO and its French peer Proparco, as well as renewables fund H-Reff. The company has so far secured a total of USD 19 million in financing, including the latest round.

"This financing round will allow us to increase our capabilities and improve our proprietary technology. Our goal is to service over 1.0 Million households by 2021, and allow humanity to get a step closer to a brighter world," said Juan Fermin Rodriguez, founder and CEO of Kingo.

The company estimates it is installing its solar energy kits in around 6,000 new homes each month. As of end-July, it covered more than 48,000 households located in over 2,700 rural communities in Central America.

Kingo is also getting ready to launch five new products in the coming year, it added.

(USD 1.0 = EUR 0.855)

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