Glow, a blockchain-driven solar energy company, has raised $30 million in funding from venture capital firms Framework and Union Square Ventures. According to startup, this investment will support its mission to accelerate renewable energy adoption and decentralise the global energy grid, with a focus on India and other regions.
Since its establishment in 2023, Glow has completed three solar farms in Rajasthan, generating a combined capacity of 21.3 MW. The installations, located near Bikaner, were launched on October 2 (1.3 MW), October 30 (4 MW), and November 27, 2024 (16 MW). The firm claims these projects will collectively eliminate 300,000 tonnes of CO2 emissions over their lifetime and provide power to 34,000 Indian homes annually.
Rajasthan has emerged as a key player in India’s renewable energy sector, offering over 300 sunny days annually and large tracts of non-arable land ideal for solar farms. The state’s goal of generating 30 GW of solar power by FY25 aligns with Glow’s mission of promoting energy self-reliance in India.
India, already the third-largest producer of solar energy globally, has set a national target of achieving 500 GW of solar capacity by 2030. Government initiatives such as the International Solar Alliance (ISA), the Production-Linked Incentive (PLI) scheme, and the Solar Park Development Scheme have created a conducive environment for investment in renewable energy.
Glow said it employs blockchain technology to develop a Decentralized Physical Infrastructure Network (DePIN), designed to link solar farms and create an efficient energy ecosystem. This approach incentivises energy production and carbon reduction while supporting struggling solar farms through financial assistance. The sale of high-quality carbon credits generated through its operations funds further expansion and subsidies.
“Our innovative system aims to decentralise, democratise, and incentivise clean energy production while addressing global energy challenges,” Glow’s executive said. The funding will allow it to extend its reach into new markets and advance its blockchain-enabled solutions for energy transition.
The company sees significant potential in India due to its ambitious renewable energy targets and policy support. “India’s ambitious solar targets and the supportive policy environment make it an exciting time to be a part of this market,” said David Vorick, CEO and co-founder. “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.”
