Glow Raises USD 30 Million to Boost India's Solar Energy Future

Glow, an Ethereum-based solar energy company, has secured USD 30 million in funding from Framework and Union Square Ventures. The investment will accelerate Glow's mission to scale renewable energy and decentralize the global energy grid, with a focus on India.

Since its launch in 2023, Glow has launched three solar farms in Rajasthan, generating a total of 21.3 MW of capacity. These projects, located at Rays Power Experts Ltd's site near Bikaner, include:

• 1.3 MW launched on October 2nd, 2024
• 4 MW on October 30th, 2024
• 16 MW on November 27th, 2024

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These initiatives are expected to eliminate 300,000 tonnes of CO2 emissions over their lifespan and power 34,000 homes annually. Rajasthan’s sunny climate and non-arable land make it an ideal location for solar energy, aligning with the state’s goal of generating 30 GW of solar power by FY25.

Green Energy: The India Narrative

Glow is an international consortium with teams in San Francisco, Mexico City, and Lisbon. India, the world’s third-largest solar producer, is a key market for Glow, which is committed to supporting the nation’s goal of 500 GW of solar capacity by 2030. Government programs like the International Solar Alliance (ISA), the Production-Linked Incentive (PLI) scheme, and the Solar Park Development Scheme are driving solar energy growth in India, complementing Glow’s efforts.

"Glow is committed to transforming the renewable energy landscape by creating a decentralized, transparent, and incentivized system for solar energy," said David Vorick, CEO and co-founder of Glow. "This investment will allow us to scale operations, expand our solar farm network, and empower communities with clean, affordable energy, starting with India."

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"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," he added.

How Glow Operates

Glow uses blockchain to create a Decentralized Physical Infrastructure Network (DePIN), linking solar farms for a more efficient energy ecosystem. This incentivized system ensures reliable energy production and helps struggling solar farms become operational, while also contributing to an incentive pool benefiting the whole network.

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Future Prospects

The newly secured funding will enable Glow to expand its reach into new markets, further develop blockchain solutions, and continue driving the global transition to sustainable, decentralized energy.

Disclaimer: This content is a press release from the company/PR team and may have been creatively edited without altering any facts. The TICE editorial team cannot be held responsible or accountable for any business decisions made based on this report. TICE does not verify or vouch for the accuracy of the facts presented in this article.