Project detail - IGNITE HOLDING COMPANY INC.

IGNITE HOLDING COMPANY INC.

Status: Approved investment
Back to map

Why disclosure?

FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

In case of questions

In case of questions, please contact us at disclosure@fmo.nl

Disclaimer

The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

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.

What is our funding objective?

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 do we fund this investment?

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).

More investments

Date Total FMO financing
10/23/2018 EUR 0.08 MLN
Region
Latin America & The Caribbean
Country
Guatemala
Sector
Energy
Effective date
3/24/2016
Total FMO financing
USD 2.00 MLN
Funding
Building Prospects