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Glow has Raised $30 Million in New Funding

The funds will be used to speed up the adoption of renewable energy and help decentralize the global energy grid, both in India and globally.

By Ayushi Jain
New Update
Glow has Raised $30 Million in New Funding

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

Funding Utilisation

The funds will be used to speed up the adoption of renewable energy and help decentralize the global energy grid, both in India and globally.

Founded in 2023, Glow uses blockchain to create a Decentralized Physical Infrastructure Network (DePIN) that connects solar farms and builds a sustainable energy system.

By rewarding energy production and carbon reduction, Glow ensures a steady supply of clean energy while providing financial support to struggling solar farms. This help enables farms to become operational and contribute to a reward pool that benefits the entire network.

Read also - Dentalkart has Secured Rs 85 crore in Funding

Glow focuses on areas with lots of sunlight and low electricity costs, producing high-quality carbon credits. Selling these credits generates income that supports its expansion and subsidy programs.

Glow's efforts support India's goal of reaching 500 GW of solar capacity by 2030. Government initiatives like the International Solar Alliance (ISA), the Production-Linked Incentive (PLI) scheme, and the Solar Park Development Scheme show a strong commitment to expanding solar energy and promoting renewable energy both in India and worldwide.

About Glow

Glow is also developing a protocol that rewards solar farms with tokens for producing carbon credits.

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