Blockchain-Based Solar Firm Glow Raises $30M For Renewable Grid

Author

Hongji Feng

Author

Hongji Feng

About Author

Hongji is a crypto and tech reporter. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX (Huobi Global),…

Share

Last updated:

October 31, 2024 11:47 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Blockchain-based solar company Glow announced Thursday that it raised $30 million in a funding round, primarily led by Framework Ventures and Union Square Ventures, to expand its decentralized solar energy network in the U.S. and India.

According to Fortune, the investment will help Glow scale its network from its current 5 megawatts to a projected 600 megawatts over the next 18 months.

Glow Expands Its Decentralized Solar Farms Across the U.S. and India

Glow’s decentralized physical infrastructure network (DePIN) currently spans solar farms in both the U.S. and India.

The company collaborates with these solar farms to help cover construction costs, enabling projects that might otherwise face financial barriers to get underway.

According to co-founder David Vorick, Glow provides subsidies to borderline viable solar farms, supporting them just enough to reach construction.

“The way it works now is that Glow seeks out solar farms that are borderline viable and gives them just barely enough money to get them over the line for construction,”said Vorick. “And then the financer, the one who’s giving out that money, that person is the one who earns all the token rewards.”

Glow’s model encourages sustainability by linking rewards to energy output and carbon credit contributions.

Solar farms in the Glow network undergo periodic audits, which assess performance and allocate token rewards based on each farm’s clean energy production.

Glow’s Sustainable Business Model: Rewards and Audits for Solar Farms

To further promote green energy generation, Glow distributes both USDC stablecoins and GLW, its native token, to top-performing farms.

Weekly audits track clean energy contributions, with higher-performing farms receiving increased rewards. This system encourages efficiency and accountability among the network’s solar farms.

The recent funding round designates $6.5 million for the company’s internal development, while the remaining $23.5 million will go directly into solar investments.

Vorick mentioned that the company seeks to expand its ecosystem into other countries as demand grows for carbon-neutral energy solutions.

Framework Ventures’ co-founder Michael Anderson expressed optimism about Glow’s potential, noting the rising interest in carbon neutrality across global markets.

“So long as stakeholder interest in carbon neutrality continues, we think Glow could see massive adoption across multiple markets,” said Anderson.