Ethereum-based solar company Glow on Wednesday said it has raised $30 million in funding from venture capital firms Framework and Union Square Ventures. The company said the investment will help accelerate its mission to accelerate the adoption of renewable energy and decentralise the global energy grid in India and across the globe. Launched in 2023, the company has three solar farms in Rajasthan, generating a total of 21.3 MW of solar capacity and targeting elimination of an estimated 300,000 tonnes of CO2 emissions over their lifetime and powering 34,000 homes across India annually.
Rajasthan, India’s leader in solar energy, boasts ideal conditions for solar generation, with over 300 sunny days per year and some of the largest tracts of non-arable land, the company said. The state has a goal to generate 30 GW of solar power by FY25.
Glow is an international cooperation of companies with teams operating in San Francisco, Mexico City, and Lisbon. Currently, India is the world’s third-largest producer of solar energy, and the company is looking to deepen its involvement in the country to support its growing solar capacity.
India is currently targeting to achieve 500 GW of solar capacity by 2030 with initiatives to support it such as the International Solar Alliance (ISA) support, PLI scheme and Solar Park Development Scheme.
Speaking on the investment, David Vorick, CEO and co-founder of Glow, said, “Glow is committed to transforming the renewable energy landscape in India and around the world by creating a decentralized, transparent, and incentivized system for solar energy. 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.”
Glow said it uses blockchain to create a Decentralized Physical Infrastructure Network (DePIN), linking solar farms and creating an efficient and sustainable energy ecosystem.
“This funding is poised to expand Glow’s operations into new markets, further develop cutting-edge blockchain solutions, and continue driving the global transition to a sustainable, decentralized energy future,” the company said.