Solar energy startup Glow has attained $30 million in a recent funding round jointly led by Framework and Union Square Ventures.
According to the statement of Glow in a press release, the raised financial resources will be used to decentralize the global energy grid and hasten the adoption of renewable energy in India and all over the world.
Glow, which was established in 2023, associates solar farms and installs an effective and sustainable energy ecosystem by applying blockchain technology to construct a Decentralized Physical Infrastructure Network (DePIN). It supplies funding to struggling solar farms and assures a constant supply of clean energy by activating energy production and carbon reduction. By assisting these farms to become functional, this support creates an incentive pool that benefits the total network.
Glow claims that by concentrating on regions with ample sunshine and low cost electricity, induces the company to generate first rate carbon credits. Through the value created by the sale of these credits, the company is able to aid its subsidy program and advance further.
Glow states that it’s efforts are in line with India’s target of attaining 500GW of solar capacity by 2030. The government intiatives like International Solar Alliance (ISA) support, the Production-Linked Incentive (PLI) scheme and Solar Park Development Scheme illustrates a powerful commitment in advancing solar energy capacity and encouraging renewable energy both locally and universally. Glow’s three solar farms has become functional in Rajasthan, producing an overall 21.3 MW of solar capacity.
