Glow Raises USD 30 Million to Power India's Renewable Energy Future

Glow, a pioneering Ethereum-based solar company, announces that it has secured USD 30 million in funding from renowned venture capital firms Framework and Union Square Ventures. This significant investment will fuel Glow's ambitious mission to accelerate the adoption of renewable energy and decentralise the global energy grid in India and across the globe.

Since its inception in 2023, Glow has made significant strides in advancing solar energy adoption in India. Three solar farms have already gone live in Rajasthan, generating a total of 21.3 MW of solar 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

These projects are set to eliminate an estimated 300,000 tonnes of CO2 emissions over their lifetime and power 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 state's ambitious goal to generate 30 GW of solar power by FY25 aligns with Glow’s mission to foster energy self-reliance in India.

The India Narrative

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 Glow plans to deepen its involvement in the country to support its growing solar capacity.

The company’s efforts align with India’s goal of achieving 500 GW of solar capacity by 2030. The government’s initiatives, such as the International Solar Alliance (ISA) support, the Production-Linked Incentive (PLI) scheme, and the Solar Park Development Scheme, demonstrate a strong commitment to expanding solar energy capacity and promoting renewable energy both domestically and globally.

"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," said David Vorick, CEO and co-founder of Glow.

"India's ambitious solar targets and the supportive policy environment make it an exciting time to be a part of this market,” added Vorick. “We see great potential to integrate our solutions into the region’s ecosystem and contribute to its renewable energy growth."

How does Glow Operate

Glow’s innovative approach uses blockchain to create a Decentralized Physical Infrastructure Network (DePIN), linking solar farms and creating an efficient and sustainable energy ecosystem. By incentivizing energy production and carbon reduction, Glow ensures a reliable supply of clean energy while providing financial assistance to struggling solar farms. This support helps these farms become operational and, in return, contributes to an incentive pool benefiting the entire network.

With a targeted approach, Glow focuses on regions with high sunlight and low electricity costs, allowing the company to produce high-quality carbon credits. The sale of these credits generates value that further fuels Glow’s expansion and enables the company to continue its subsidy program.

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.