Kingo Energy announces $8.0 Million Series B financing round
Written By: Katherine Demetre
August 16, 2017
On Aug. 16, 2017, Kingo Energy announced that it closed a $8.0 Million Series B financing round lead by prominent institutional investors, including FCP, ENGIE, as well as FMO, Proparco and H-Reff.
According to Kingo, the company grew 9500% over the last 2.5 years, going from a 500 home pilot in 2014, to more than 48,000 households located in over 2,700 rural communities in Central America (as of July 30, 2017). The company plans to install its proprietary solar energy kits in around 6,000 new homes each month.
Juan Fermin Rodriguez, founder and CEO of Kingo, commented:
We are committed to changing the lives of millions of people around the world by providing safe, smart and inexpensive sources of renewable energy. This financing round will allow us to increase our capabilities and improve our proprietary technology. Our goal is to service over 1.0 Million households by 2021, and allow humanity to get a step closer to a brighter world.
Per the company, the financing round brings the total amount raised by Kingo to $19 Million.