International investors FCP, ENGIE, FMO, Proparco, and H-Reff invested an US$8m Series B in Guatemala-based solar energy company Kingo. The funds will be used to expand to four new markets and to launch five new products. Other investors in Kingo include PeopleFund.
(Press Release) Kingo, a leading technology company transforming the solar energy industry, announced today that it closed a $8.0 Million Series B financing round lead by prominent institutional investors, including FCP (Innovation fund of EPM a Colombian Utility), ENGIE (French Utility), as well as some of the largest development banks including, FMO (Dutch Development Bank), Proparco (French Development Bank), and H-Reff (Renewable Energy Fund).
Kingo, through its innovative prepaid solar energy service, turns lives ON for off-grid households at the bottom of the economic pyramid (BoP). Kingo’s solar power energy kits are less expensive and more reliable than candles, kerosene and diesel generators. Contrary to most existing solar off-grid solutions, which rely heavily on microfinance loans and high upfront payments, Kingo’s prepaid solar electricity model requires no loans, no installation fees, no maintenance costs, and allows customers to purchase electricity based on their consumption, their budget and provides flexibility as their energy needs change.
Kingo has grown 9500% over the last 2.5 years, going from a 500 home pilot in 2014, to more than 48,000 households located in over 2,700 rural communities in Central America (as of July 30, 2017). The company is installing its proprietary solar energy kits in around 6,000 new homes each month. Kingo has positively impacted more than 240,000 lives by allowing individuals to save on energy expenditures, enjoy a healthier and safer living environment, increase their productivity, improve their educational pursuits, connectivity and overall wellbeing.
“We are committed to changing the lives of millions of people around the world by providing safe, smart and inexpensive sources of renewable energy,” said Juan Fermin Rodriguez, founder and CEO of Kingo. “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.”
This financing round brings the total amount raised by Kingo to $19 Million, since it was founded in 2013 with seed capital provided by PeopleFund (peoplefund.com). In addition to expanding into four new markets through a Joint Venture strategy, Kingo is set to launch five new products in the coming year that will allow for higher market penetration and a greater customer satisfaction.
