Sun King, formerly known as Greenlight Planet, has raised $260 million in Series D funding to help African and Asian countries have access to affordable energy.
Along with M&G Investments’ Catalyst team and Arch Emerging Markets Partners, General Atlantic’s climate venture investing arm BeyondNetZero led the funding round.
The company’s solar energy products are used to power off-grid households in Africa and Asia, and Sun King is pioneering a shift in how electricity is distributed across Africa and Asia.
The company has impacted the lives of 82 million people in 40 countries so far.
T. Patrick Walsh, Co-Founder and CEO of Sun King, said, “This investment in Sun King marks an incredible inflection point for the worldwide off-grid solar business.” “Over the last 15 years, we’ve provided solar energy and light to more than 82 million people, allowing children to study, entrepreneurs to run small businesses, and families to power their life without the danger and expensive cost of kerosene lamps.” This historic investment will enable us to continue scaling our technology, service, and financing capabilities in order to meet the demands of the next billion energy customers.”
The funding will be used by the company to quickly and sustainably supply energy to more homes in Africa and Asia.
Sun King plans to use the new funding, which includes a $100 million primary investment for the company’s continued expansion, to expand its product line, including larger solar systems with AC-electricity inverters capable of powering larger appliances like refrigerators and new products like mobile phones.
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