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The Off-Grid Energy Access Fund (FEI-OGEF), Cordaid, and Qotto’s existing investors also participated in the round. Through a pay-to-own model , it avails its products to individuals in Sub-Saharan Africa that are off-grid owing to underdeveloped national power grids.
One of the largest solar companies in Africa and Asia, Sun King , has raised $260 million in series D funding to deliver off-grid energy technologies to more people across the two continents. Part of the funding will be used to expand the business’ presence. Sun King has previously raised $170 million in equity and debt funding.
The company plans to have additional technological and business model innovations, and the use of AI and IoT to remotely manage its fleet. Countries like South Sudan, Burundi, Chad, Malawi, Burkina Faso, Madagascar, Tanzania are among some of the least electrified countries in the world, and could benefit from clean energy from solar or wind.
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