Sun King, the largest provider of solar energy products for off-grid homes in Africa and Asia, announced on April 27th 2022 that it had raised US $260 million in Series D funding, led by BeyondNetZero, General Atlantic’s climate investing venture, as well as M&G Investments’ Catalyst team and Arch Emerging Markets Partners.
The company, which was founded in 2007 as Greenlight Planet, has just relaunched as Sun King, the name under which its products have been sold for a long time.
Sun King will get US $100 million major investment as part of the $260 million deal. The board of directors is still controlled by Sun King’s founders.
The funds will be used to expand the company’s product line, including larger solar systems with AC-electricity converters (capable of powering larger appliances like refrigerators) and new items such as mobile phones and the company’s goals for continuing regional expansion.
What the founder has to say:
T. Patrick Walsh, co-founder and CEO of Sun King:
“Sun King’s investment marks a watershed moment in the global off-grid solar industry; in the last 15 years, we’ve provided solar energy and light to over 82 million people, allowing children to study, entrepreneurs to run small businesses, and families to power their lives without the dangers and high costs of kerosene lanterns. This historic investment will enable us to continue scaling our technology, service, and financing capabilities to address the demands of the next billion energy users.”
What the investors have to say:
Eli Aheto, Managing Director on the BeyondNetZero team at General Atlantic:
“BeyondNetZero is pleased to support Sun King, an industry-leading company that provides consumers with accessible and affordable solar products backed by fair and sustainable business practices. We look forward to working with the company and its leadership as they expand their meaningful contribution to the global net-zero transition by bringing innovative and affordable off-grid solar products to new markets.”
About the company:
Sun King is the world’s largest off-grid solar energy firm, providing electricity to the 1.8 billion people in Africa and Asia who don’t have it. Sun King has impacted the lives of over 82 million people through innovative product design, affordable pay-as-you-go finance, and a grassroots field organization of 15,000 agents that provide installation and service. Sun King was founded in 2007 as Greenlight Planet, and it aims to provide access to better lives by setting the gold standard for off-grid solar technology.
Solar King operates the world’s largest direct-to-consumer pay-as-you-go (PAYG) solar distribution network, with 150,000 new customers added each month across seven countries. Sun King is used by one out of every five Kenyans today, with 18 million Kenyans benefiting over the last decade.
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