Sun King Raises $260M in Series D Funding
Sun King, a Nirobi, Kenya-based provider of solar energy products for off-grid homes in Africa and Asia, raised $260m in Series D funding.
The round was led by BeyondNetZero, the climate investing venture of General Atlantic, along with M&G Investments’ Catalyst team and Arch Emerging Markets Partners.
The $260m financing includes $100m in primary investment. Sun King’s founders retain voting control of the board.
The company intends to use the funds for continued geographical expansion, the funds will also be allocated towards product-line expansion, including larger solar systems equipped with AC-electricity inverters (capable of powering larger appliances like refrigerators) and new products such as mobile phones.
Founded in 2007 as Greenlight Planet by CEO Patrick Walsh, Sun King is an off-grid solar energy company with product design, financing, and a grassroots installation model to provide energy to the 1.8 billion consumers across Africa and Asia who lack access to reliable electricity. The company’s solar home systems power lights, mobile phones, radios, and larger home appliances. To date, Sun King has powered the lives of 82 million people across 40 countries.