Guatemala-based off-grid solar energy provider Kingo Energy has completed an $8m series B round featuring energy utilities Engie and EPM, the latter investing through its technology investment fund, FCP.
Dutch development bank FMO and French development bank Proparco also participated in the round alongside Honduras Renewable Energy Finance Facility, a renewable energy fund backed by the multilateral Inter-American Development Bank (IDB).
Founded in 2013, Kingo operates a service allowing remote customers to access energy from off-grid solar power systems using pre-paid vouchers.
Juan Fermin Rodriguez, Kingo’s founder and chief executive, said: “We are committed to changing the lives of millions of people around the world by providing safe, smart and inexpensive sources of renewable energy.
“This financing round will allow us to increase our capabilities and improve our proprietary technology. Our goal is to service over 1 million households by 2021, and allow humanity to get a step closer to a brighter world.”
Kingo has now raised $19m in funding altogether, and its existing investors include IDB and its Multilateral Investment Fund subsidiary, venture capital firm E 10, PeopleFund, Global Partnerships and ERM Foundation’s Low Carbon Enterprise Fund.
– Image courtesy of Kingo Energy