This new capital injection brings Sun King's total funding to $547 million. It will enable Sun King to strengthen its comprehensive offering, which combines energy production, equipment, field installation, and a financing model designed for low-income households. For 18 years, the Kenyan company has been deploying solar kits and numerous products in areas where access to electricity remains out of reach. Over the years, this integrated approach has enabled Sun King to bring solar energy access to 25 million households in Africa and Southeast Asia. For 67% of its customers, this is their first source of electricity. The progressive payment model, spread over 12 to 24 months, makes energy that was once out of reach accessible. A few cents a day is enough to replace kerosene lamps and small diesel engines—costly and dangerous sources of energy.
With this new round of funding, Sun King will expand its range of essential equipment. Fans, smartphones, and refrigerators are all devices that are profoundly changing the daily lives of families and businesses in many parts of Africa. A refrigerator keeps food fresh longer, a fan provides essential comfort in rising temperatures, and a reliable smartphone opens up access to commerce, government services, and online education.
Sun King's goal, announced alongside the South African president and the president of the European Commission, is to deliver one million kits per month by 2030, providing solar energy to 200 million people. With this in mind, the distribution network will expand significantly. By 2030, the company plans to triple its number of stores to around 1,650 points of sale and increase its field staff to nearly 90,000. This will be a valuable presence in areas where infrastructure is sometimes limited and where installation and maintenance require real proximity to households.
This new round of funding will also accelerate the development of new solar systems that are more powerful, more affordable, and based on the latest advances in electronics and storage. The company plans to deploy 3.8 gigawatts of solar capacity by 2030, equivalent to several large power plants, installed directly in homes and businesses, without relying on a fragile or non-existent grid. Sun King is also exploring clean cooking solutions, pay-as-you-go smartphones, and equipment for small farmers, such as food processing tools.
