Glow, a solar energy startup, secured $30 million in funding from Framework and Union Square Ventures. The startup plans to use this investment to grow its operations in new markets and advance blockchain-based solutions.
Launched in 2023, Glow leverages blockchain technology to build a decentralized physical infrastructure network (DePIN). This network connects solar farms to create an efficient and sustainable energy system. Additionally, Glow incentivizes energy generation, cuts carbon emissions, and offers financial support to solar farms in need.
The company operates globally with teams in San Francisco, Mexico City, and Lisbon. It focuses on regions with abundant sunlight and low electricity costs. This strategy helps Glow produce premium carbon credits, which it sells to fund growth and sustain its subsidy program.
“India’s ambitious solar targets and the supportive policy environment make it an exciting time to be a part of this market. “We see great potential to integrate our solutions into the region’s ecosystem and contribute to its renewable energy growth,” said cofounder and chief executive David Vorick.
“This investment will enable us to scale our operations, expand our network of solar farms, and empower communities around the world with clean, affordable energy, starting with India,” he added.
So far, Glow has launched three solar farms in Rajasthan, generating 21.3 MW of solar power. These farms are set to cut 300,000 tonnes of CO2 emissions over their lifetime and power 34,000 Indian homes annually.
Recently, more climate-conscious investors and venture capital firms have been pouring funds into this growing sector, reflecting its rising importance.
