Sun Exchange, a South African blockchain-based distributed sustainable power source startup has brought $3 million up in its most recent Series-A financing round from ARCH Emerging Markets Partners.
The new raise denotes the end of the $4 million (67 million Rand) Series-A subsidizing round for the startup.
Sun Exchange permits anybody all around to put resources into its tasks through a crowdsale for its sun oriented cells. Financial specialists win rent rental installments on a month to month premise from organizations and associations running the sun powered cells. These regularly scheduled installments can be dispatched either through nearby money or Bitcoin into your Sun Exchange wallet.
As indicated by a declaration on the organization site, the new financing round will empower the startup ‘open the following period of development, empowering it to grow its sunlight based controlling schools, facilities, ranches, cell towers, water plants, organizations, and different associations across Sub-Saharan Africa.’
The raise will likewise be utilized ‘further expand its customers’ sun based cell portfolios across districts and ventures.’
In 2019, Sun Exchange dramatically increased its locale size who are presently more than 17, 000 across 162 nations. Moreover, the organization venture portfolio almost significantly increased in size in 2019 while encouraging more than 31 schools, organizations, and associations in South Africa alone.
Speaking about the new raise, Abe Cambridge, CEO and Founder, Sun Exchange, said:
“There has never been a more critical time to accelerate the Sun Exchange mission of connecting the entire world to the sun, as socio-economic and energy systems across the world are on the brink of being reset and redefined.”
According to William Barry, CEO, ARCH Emerging Markets Partners:
“Sun Exchange is positioned to emerge as an enabling force in the imminent global energy and economic transformation, with a first-of-a-kind platform that harnesses the power of a united global community to unlock the potential of distributed solar power in emerging markets.
We are thrilled to partner with Sun Exchange on this journey to expand the success the company has already seen in South Africa throughout ARPF’s target markets in sub-Saharan Africa.”
Sun Exchange CEO is also confident that bitcoin mining is more energy efficient over the alternative banking system. He hopes bitcoin mining will eventually be solar powered since the energy that solar cells produce over their lifetime “is far greater than the energy it took to mine the Bitcoin that purchased them, creating a positive energy balance.”Sun Exchange is the world’s first peer-to-peer solar cell leasing marketplace. Through the Sun Exchange online platform, anyone, anywhere in the world, can buy remotely-located solar cells and lease them to power businesses and organisations in sunny emerging markets. Solar cell owners earn income from the electricity that’s generated, while schools, businesses, clinics and other organisations secure access to affordable clean energy, reducing electricity costs and carbon emissions.