Fast take:
Framework Ventures and Union Sq. Ventures led the spherical.
The corporate mentioned $6.5 million can be used to fund Glow Labs operations.
Glow mentioned it desires to “energy the planet with an abundance of 100% renewable power”.
Glow has raised $30 million in a funding spherical led by Framework Ventures and Union Sq. Ventures with participation from Lattice Ventures, Protocol Labs, Hack VC, HF0 and Alliance DAO.
The Ethereum-based decentralised bodily infrastructure community (DePIN) mentioned $6.5 million can be used to assist Glow Labs operations, whereas $23.5 million can be used to assist the growth of photo voltaic power farms in India.
In accordance with the announcement, the corporate’s decentralised power distribution community rewards farms utilizing the GLW tokens for his or her electrical energy output, with extra rewards supplied in USDC for his or her carbon credit.
This announcement comes as funding in DePINs continues to develop. In September, Borderless Capital launched its third fund with $100 million backing that attracted participation from the Solana Basis and Leap Crypto, amongst others. The fund targets the burgeoning DePIN phase of the crypto trade.
Glow shouldn’t be the primary DePIN undertaking concentrating on decentralised power distribution. In July, Daylight raised $9 million in a Sequence A spherical led by A16z.
That is additionally not Framework Ventures’ first funding in a DePIN undertaking after main a $10 million funding spherical for Uplink, which seeks to decentralise communications.
In contrast to Daylight, which permits customers to earn rewards by connecting totally different energy merchandise together with thermostats, batteries and electrical autos, Glow is primarily centered on photo voltaic power.
Commenting on the announcement, Glow founder and CEO David Vorick mentioned within the assertion: “In lower than a yr, Glow has grown from a rooftop photo voltaic undertaking within the U.S. to a community with a number of multi-million greenback photo voltaic farms in India. The photo voltaic farms which have already been constructed are projected to remove greater than 85,000 tons of CO2 emissions over their lifetime.”
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