Sun King, an off-grid energy company, has acquired PayGo Energy, a pay-as-you-go technology innovator for clean cooking to enable families in Africa and Asia transition from using wood and charcoal to cleaner and safer options.
The acquisition which follows $330 million Series-D funding round is part of the company’s plan to expand its pay-as-you-go solar product line and distribution network.
“Swapping wood-based cooking fuel for practically any modern alternative — whether it be biogas, electricity, ethanol, LPG or solar — dramatically reduces greenhouse gas emissions, protects families’ respiratory health and preserves forests and biodiversity. We need to take an all-hands-on-deck approach to phasing out non-renewable wood fuel in domestic cooking,” said Nick Quintong, CEO of PayGo Energy and now head of Sun King’s Clean Cooking Team.
“We are thrilled to welcome the PayGo Energy team into the Sun King fold,” says T. Patrick Walsh, Co-Founder and CEO of Sun King. “By merging PayGo’s clean cooking product and software expertise with Sun King’s hardware and manufacturing know-how and our proven distribution channels, underpinned by Sun King’s 23,000 field agents, we hope to deliver modern, affordable cooking appliances and energy to families living across Africa and Asia.”
Sun King plans to develop a range of clean cooking products that will be powered by solar energy, LPG, electrical grids, and other energy sources.
The company is also introducing more powerful off-grid solar technology and expanding its presence to additional African countries.
It’s newly established Clean Cooking Team will work on developing a variety of clean cooking products and services that reflect the diverse cooking practices and available energy supplies of their customers.
As part of the deal,PayGo Energy’s team of 40 employees will also join the company and use their expertise in pioneering finance, technology, and distribution solutions to clean cooking challenges.