Solar Energy Startup Glow Secures USD 30 Mn to Accelerate Renewable Energy Revolution The funding will enable the company to scale operations, expand its network of solar farms, and empower communities worldwide with affordable clean energy, starting with India.
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Solar energy startup Glow has raised USD 30 million in a funding round co-led by Framework and Union Square Ventures, marking a significant boost to its mission of accelerating renewable energy adoption and decentralising the global energy grid, particularly in India.
The funding will enable the company to scale operations, expand its network of solar farms, and empower communities worldwide with affordable clean energy, starting with India.
"Glow is committed to transforming the renewable energy landscape in India and around the world by creating a decentralised, transparent, and incentivised 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.
Launched in 2023, Glow revolutionises solar energy by replacing dirty grids with 100% renewable energy, optimising subsidies for maximum climate impact and sustainable growth.
Glow's approach leverages blockchain technology to build a Decentralised Physical Infrastructure Network (DePIN) that links solar farms into a unified, efficient ecosystem. This system incentivises energy production and carbon reduction while ensuring financial support for struggling solar farms.
By targeting regions with abundant sunlight and low electricity costs, Glow generates high-quality carbon credits from its solar farms. The sale of these credits funds further expansion and sustains Glow's subsidy programs for solar infrastructure.
Since its inception, Glow has launched three solar farms in Rajasthan, generating a combined capacity of 21.3 MW. These projects, located near Bikaner, include:
- 1.3 MW operational as of October 2, 2024.
- 4 MW added on October 30, 2024.
- 16 MW launched on November 27, 2024.
These farms are expected to eliminate 300,000 tonnes of CO2 emissions over their lifetime and power 34,000 homes annually. Rajasthan, with its ideal solar generation conditions and over 300 sunny days a year, aligns seamlessly with Glow's objectives.
Glow's initiatives align with India's target of achieving 500 GW of renewable energy capacity by 2030. The country's solar push, supported by policies such as the International Solar Alliance (ISA) and the Production-Linked Incentive (PLI) scheme, creates a fertile ground for Glow's expansion.
"India's ambitious solar goals and supportive policies make it an exciting market," added Vorick. "We're thrilled to contribute to the region's renewable energy growth and global climate goals."
With teams across San Francisco, Mexico City, and Lisbon, Glow continues its journey to revolutionise clean energy, starting with India and aiming for a global impact.
