Glow Raises USD 30 Mn From Union Square Ventures To Expand Biz

Glow Raises USD 30 Mn From Union Square Ventures, Expand Business In India

Glow, an Ethereum-based solar company secured USD 30 million in funding from venture capital firms Framework and Union Square Ventures. This funding aims to expand Glow’s operations into new markets, further develop blockchain solutions, and continue driving the global transition to a sustainable, decentralized energy future.

Glow uses 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, Glow 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.

The company 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 Glow’s expansion and enables the company to continue its subsidy program.

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Since its inception in 2023, Glow has built three solar farms in Rajasthan, generating 21.3 MW of solar capacity. These projects are located at Rays Power Experts Ltd’s site near Bikaner. It also includes 1.3 MW launched on October 2nd, 2024, 4 MW launched on October 30th, 2024, and the 16 MW project released on November 27th, 2024.  These projects are set to eliminate an estimated 300,000 tonnes of CO2 emissions over their lifetime and power 34,000 homes across India annually. 

The India Narrative

Glow is an international cooperation of companies with teams operating in San Francisco, Mexico City, and Lisbon. Currently, India is the world’s third-largest producer of solar energy, and Glow plans to deepen its involvement in the country to support its growing solar capacity. 

“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,” said David Vorick, Chief Executive Officer (CEO) and co-founder of Glow. 

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“We see great potential to integrate our solutions into the region’s ecosystem and contribute to its renewable energy growth” added Vorick.