Solar energy startup Glow has announced the successful completion of a $30 million funding round, co-led by Framework and Union Square Ventures. The funds will be directed toward accelerating renewable energy adoption and decentralizing the global energy grid, both in India and internationally.
Innovating with Blockchain
Founded in 2023, Glow leverages blockchain technology to create a Decentralized Physical Infrastructure Network (DePIN). This network links solar farms to establish a sustainable and efficient energy ecosystem. By incentivizing clean energy production and reducing carbon emissions, Glow provides operational and financial support to struggling solar farms. These farms, in turn, contribute to an incentive pool, ensuring reliability and scalability for the entire network.
Glow’s focus on regions with high solar irradiance and low electricity costs enhances its ability to produce top-tier carbon credits. The revenue generated from selling these credits not only fuels Glow’s growth but also supports a subsidy program that helps solar farms become fully operational.
Advancing India’s Renewable Energy Goals
The startup’s mission aligns closely with India’s ambitious target of achieving 500 GW of solar capacity by 2030. Glow benefits from government initiatives such as the International Solar Alliance (ISA), the Production-Linked Incentive (PLI) scheme, and the Solar Park Development Scheme, which are driving solar energy adoption and innovation.
Glow’s achievements so far include operationalizing three solar farms in Rajasthan, with a combined capacity of 21.3 MW. The startup’s efforts not only contribute to India’s renewable energy ambitions but also serve as a global model for decentralizing and democratizing energy grids.
Future Potential
By integrating blockchain technology with renewable energy infrastructure, Glow is paving the way for a decentralized and sustainable energy future. The company’s innovative approach has the potential to transform how solar energy is produced, shared, and monetized globally. With fresh funding in hand, Glow is well-positioned to scale its operations and make significant strides in the fight against climate change.
