IGNITE HOLDING COMPANY INC.
Who is our client
Kingo, trade name for Ignite Holding Company, Inc. is the first commercial venture in Central America for rolling out off-grid prepaid energy solutions for households. Kingo positions itself as a utility-like provider of electricity to rural off-grid communities .The company’s business model consists in installing home solar systems which remain the company’s property and distributing prepaid energy credit through local distributors (shop keepers) that customers can purchase according to their budget and their energy needs.
The objective of the USD 2 million convertible grant is to allow Kingo to continue expansion in the market and be able to show significant growth on solid/validated business model to support the USD 12 million equity raise through series B contemplated at the end of 2016. The proceeds of funds is mainly used to fund the kits themselves and installation/maintenance activities .
Why we fund this project
Ignite provides first time energy access to households via solar home systems in rural areas without a grid connection. Moreover, the energy access contributes to productivity of households and ultimately to economic growth (proper lighting and charging facilities allow work and study activity beyond sunset).
|Date||Total FMO financing|
|3/13/2017||EUR 0.08 MLN|
- Latin America & The Caribbean
- Signing date
- Total FMO financing
- USD 2.00 MLN
- Infrastructure Development Fund
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C)