Sun King, a company that operates independently from the grid and specializes in renewable energy, has acquired PayGo Energy, an innovative technology company that offers a pay-as-you-go system for clean cooking. This acquisition aims to facilitate the transition of families in Africa and Asia from traditional wood and charcoal cooking methods to cleaner and safer alternatives.
The acquisition comes after Sun King's successful Series-D funding round, which raised $330 million. It is part of Sun King's strategic plan to expand its line of pay-as-you-go solar products and its distribution network.
According to Nick Quintong, the CEO of PayGo Energy and now the head of Sun King's Clean Cooking Team, replacing wood-based cooking fuel with modern alternatives such as biogas, electricity, ethanol, LPG, or solar power can significantly reduce greenhouse gas emissions, improve respiratory health, and protect forests and biodiversity. He emphasizes the importance of a collaborative effort to phase out non-renewable wood fuel in domestic cooking.
T. Patrick Walsh, the Co-Founder, and CEO of Sun King, expresses excitement about welcoming the PayGo Energy team into the Sun King organization. He believes that by combining PayGo's expertise in clean cooking products and software with Sun King's knowledge of hardware, manufacturing, and distribution, they can provide modern and affordable cooking appliances and energy to families across Africa and Asia. Sun King's extensive network of 23,000 field agents will play a crucial role in achieving this goal.
Sun King plans to develop a range of clean cooking products that utilize various energy sources, including solar power, LPG, electrical grids, and others. Additionally, the company aims to introduce more advanced off-grid solar technology and expand its presence in additional African countries.
Moreover, Sun King intends to offer consumer financing services, enabling customers in Africa and Asia to pay for energy and equipment through small and affordable installments. The newly established Clean Cooking Team will focus on developing a diverse range of clean cooking products and services tailored to the unique cooking practices and available energy supplies of their customers.
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