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Solar energy provider, Sun King, secures $70M equity investment. 2 other stories and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world today

1. Solar energy provider, Sun King, secures $70M equity investment

An off-grid solar energy provider in Africa and Asia, Sun King, has announced securing a $70 million equity investment led by LeapFrog Investments.

Chief executive officer, Anish Thakkar, disclosed this in a statement seen by Ripples Nigeria on Friday.

Ripples Nigeria gathered that Sun King had closed its Series D round at $330 million and, as a result, raised over $550 million in debt and equity since its inception.

The latest funding is an extension of the $260 million Series D round the solar company announced earlier this year which was led by BeyondNetZero and Arch Emerging Markets Partners.

“LeapFrog brings a wealth of experience meeting the needs of customers in the countries where we are working to make solar energy solutions easily accessible to everyone,” said Thakkar.

Since its launch in 2007 by chief executive officer Patrick Walsh and Anish Thakkar, the company said it had provided light and power to 95 million people throughout its African and Asian markets,

Tech Trivia RAM is also known as what type of memory?
A. Hard memory
B. Rapid memory
C. Linear memory
D. Volatile memory
Answer: see end of post

2. EU books over $15M to boost Renewable Energy projects in Mozambique

The European Union (EU), through the ElectriFI Country Window initiative for Mozambique, has launched a EUR 15 million package to support early-stage renewable energy companies active in the country.

Read also:Twitter suspends account tracking Elon Musk‘s private jet. 2 other stories and a trivia

This was contained in a statement from Antonino Maggiore, European Union Ambassador to the Republic of Mozambique, on Friday.

Ripples Nigeria gathered that the funding was raised under the European Development Fund and from the program PROMOVE Energia, managed by the EU Delegation with the Government of Mozambique.

“We are very glad that Mozambique joins today the ElectriFI family together with many other African countries.

“Out of the 113 million EUR of committed investments through country windows, we are proud to say that 75% are for investment projects in Sub-Saharan Africa!” stated Maggiore.

He further stated that the purpose of the funding for Mozambique is to allow the private sector to contribute to rural development through electrification.

3. Amber Group closes $300M Series C funding round

The Singapore-based firm announced the raiser in a Tweet on Friday.

Fenbushi Capital US led the latest round, as it also backed Amber’s $100 million Series B round in June 2021.

While the vast majority of our clients and products remain intact, a few of our specific products would have experienced significant drawdowns as an aftermath of the FTX default unless we could find ways to further protect those affected clients,” Amber said in a tweet.

Other crypto-native investors and family offices joined the Series C financing.

According to the company, the funding will be channeled towards providing best-in-class services to its client.

Trivia Answer: Volatile memory

Volatile memory is often contrasted with non-volatile memory, which does not require power to maintain the data storage state.

The most common type of volatile memory is random-access memory or RAM.

By Kayode Hamsat

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