Kingo, a Ciudad de Guatemala, Guatemala-based solar energy technology company, closed an $8.0M Series B financing.
The round was led by FCP (innovation fund of Colombian utility EPM), ENGIE (French utility), FMO (Dutch Development Bank), Proparco (French Development Bank), and H-Reff (Renewable Energy Fund).
The company, which has raised $19m in total funding to date, intends to use the funds to increase its capabilities and improve its proprietary technology.
Founded in Guatemala in 2013 by Juan Fermín Rodriguez, Peter Kasprowicz, Matias de Tezanos CEO of PeopleFund, and Alvaro Rodriguez, Kingo provides a prepaid solar energy service, for off-grid households at the bottom of the economic pyramid (BoP). The company’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 currently serves more than 48,000 households located in over 2,700 rural communities in Central America (as of July 30, 2017).
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.