Solar energy startup Glow has secured $30 million in funding from Framework and Union Square Ventures to expand its renewable energy projects in India and globally. Founded in 2023, the company utilises blockchain technology to advance solar energy adoption and decentralise the energy grid. This new funding will be allocated to expand its project network and further develop its blockchain-based systems for supporting renewable energy projects.
The company’s blockchain-based model employs a Decentralised Physical Infrastructure Network (DePIN) to connect solar projects, promote energy production, and facilitate carbon reduction. Revenue is generated through the sale of carbon credits, which are reinvested to expand solar energy infrastructure. Glow prioritises regions with high sunlight and low electricity costs, enabling efficient energy generation and high-quality carbon credit production.
Earlier this year, Glow developed three solar projects in Rajasthan with a combined capacity of 21.3 MW. Located at Rays Power Experts’ site near Bikaner, these projects became operational in October and November 2024. They are expected to eliminate 300,000 tons of carbon emissions over their operational lifetime and provide energy to approximately 34,000 Indian households annually.
