Greenlight Planet announces $10m financing to light up 100m off-grid homes

Greenlight Planet, a leading US-based company in partnership with Fidelity Growth Partners India, has led the distribution of solar energy products worth $10 million for off-grid homes in developing countries.

These devices will generate 55 million kilowatt-hours of energy; offset 1.5 million tons of CO2 and save their users over $340 million in fuel costs over their lifetime.

Chief Executive Officer (CEO) Anish Thakar, said the company hopes to build the world’s largest rooftop solar consumer base through the expanded distribution of solar lights in Sub-Saharan Africa.

He expressed delight in the partnership with Fidelity Growth Partners, adding that bringing their expertise on-board will help in the massive distribution and expansion to make Sun King™ products more affordable for off-grid families that need these most.”

Driven by strong sales since the company opened its first African office in 2012, the company expects to reach 100 million off-grid households by 2020.

“We see tremendous potential to provide affordable solar energy solutions for consumers in the developing world,” says Kabir Narang, Managing Director of Fidelity Growth Partners India.

“Greenlight Planet has established itself as a product leader with a strong brand in the fast-growing off-grid energy segment. We are excited to partner with Greenlight Planet and its exceptional management team as the company embarks on its next phase of growth”, he continued.

Over 1.2 billion people worldwide live off the electric grid and use dim, smoky kerosene lanterns for light. 

Greenlight Planet’s flagship Sun King™ Pro products provide ten times brighter light output than the typical kerosene lantern, charge mobile phones, and pay for themselves in less than nine months.

Greenlight Planet recently launched the Sun King™ Home, styled as ‘the complete rooftop solar solution for the off-grid house.’ It provides rooftop solar charging, overhead lighting fixtures for a three-room home and a centralized power station for mobile phones, and soon, additional household appliances.

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