October 31, 2024
Glow has secured $30 million in its latest funding round, led by Framework Ventures and Union Square Ventures. This project, launched less than a year ago, seeks to decentralize electric grids globally while advocating for 100% renewable energy. With a focus on the United States and India, Glow is building a decentralized physical infrastructure network (DePIN) that connects financially struggling solar farms with essential funding to drive their success.
The company's model, described by CEO David Vorick as a "recursive subsidy," provides critical support to near-viable solar farms, enabling them to become operational. This funding approach allows investors to support solar farms while earning returns. Currently, Glow's network comprises 63 operational solar farms, generating 365 megawatt-hours of electricity. With plans to onboard a new four-megawatt solar farm in India, the company aims to scale its capacity from five megawatts to 600 megawatts in the next 18 months.
Glow International is at the forefront of the climate revolution, focusing on dismantling the coal and natural gas industries that contribute over 40% of global emissions. By utilizing funds from contributors to develop solar farms, Glow creates a self-sustaining cycle where revenues are reinvested into further solar projects. This strategy ensures that every dollar contributed can lead to more than $20 in new solar deployments, positioning Glow as a significant player in the renewable energy sector as the demand for carbon neutrality continues to rise.
About Glow
Glow International is leading the charge in the climate revolution, advocating for change through targeted incentive programs. The organization recognizes that addressing climate issues requires more than individual actions; it requires a collective effort to challenge the systemic forces that contribute to environmental degradation. The focus of Glow is squarely on dismantling the coal and natural gas industries, which account for over 40% of global emissions. By channeling funds from contributors into solar farm development, Glow creates a self-reinforcing cycle where revenues are reinvested into additional solar projects. This innovative strategy ensures that every dollar contributed can generate more than $20 in new solar capacity.
Website: https://glowlabs.org/
X: @glowFDN
About Investors
Framework Ventures, Union Square Ventures
Framework Ventures is a venture capital firm that specializes in blockchain and decentralized technologies. Founded in 2019, it focuses on building and investing in innovative projects that leverage the power of decentralized finance (DeFi) and Web3. With a commitment to fostering the growth of the blockchain ecosystem, Framework Ventures aims to provide strategic support and capital to visionary founders and teams.
Location: San Francisco, California
Website: https://www.framework.ventures
Union Square Ventures (USV), established in 2003, is a leading venture capital firm known for its investments in transformative technology companies. USV emphasizes the importance of network effects and has a diverse portfolio spanning various sectors, including blockchain, fintech, and consumer technology. The firm is dedicated to supporting entrepreneurs who are building lasting value in their respective industries.
Location: San Francisco, California
Websites: https://www.usv.com
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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