Solar energy startup Glow raises $30 Mn

Solar energy startup Glow has secured $30 million in a new funding round co-led by Framework and Union Square Ventures.

The proceeds will be utilized to accelerate the adoption of renewable energy and decentralise the global energy grid in India and across the globe, Glow said in a press release.

Launched in 2023, Glow leverages 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, it 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.

According to Glow, it 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 its expansion and enables the company to continue its subsidy program.

Glow says that its 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 claims that its three solar farms have already gone live in Rajasthan, generating a total of 21.3 MW of solar capacity.