Glow, an Ethereum-based solar company has raised $30 million in funding from venture capital firms Framework and Union Square Ventures.
The funds will be used to accelerate the adoption of renewable energy and decentralize the global energy grid in India and across the globe.
“Glow is committed to transforming the renewable energy landscape in India and around the world by creating a decentralized, transparent, and incentivized system for solar energy. 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. India’s ambitious solar targets and the supportive policy environment make it an exciting time to be a part of this market. We see great potential to integrate our solutions into the region’s ecosystem and contribute to its renewable energy growth,” said David Vorick, CEO and co-founder of Glow.
Founded in 2023 David Vorick and Celine Glavan, Glow has already commissioned three solar farms in Rajasthan, generating 21.3 MW of solar power. The projects, located near Bikaner at Rays Power Experts Ltd’s site, were launched in phases—1.3 MW on October 2, 4 MW on October 30, and 16 MW on November 27. Collectively, they are expected to reduce 300,000 tonnes of CO2 emissions and supply power to 34,000 homes annually.
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.
Glow’s innovative approach 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.
