Quick take:
Framework Ventures and Union Square Ventures led the round.
The company said $6.5 million will be used to fund Glow Labs operations.
Glow said it wants to “power the planet with an abundance of 100% renewable energy”.
Glow has raised $30 million in a funding round led by Framework Ventures and Union Square Ventures with participation from Lattice Ventures, Protocol Labs, Hack VC, HF0 and Alliance DAO.
The Ethereum-based decentralised physical infrastructure network (DePIN) said $6.5 million will be used to support Glow Labs operations, while $23.5 million will be used to support the expansion of solar energy farms in India.
According to the announcement, the company’s decentralised energy distribution network rewards farms using the GLW tokens for their electricity output, with more rewards offered in USDC for their carbon credits.
This announcement comes as investment in DePINs continues to grow. In September, Borderless Capital launched its third fund with $100 million backing that attracted participation from the Solana Foundation and Jump Crypto, among others. The fund targets the burgeoning DePIN segment of the crypto industry.
Glow is not the first DePIN project targeting decentralised energy distribution. In July, Daylight raised $9 million in a Series A round led by A16z.
This is also not Framework Ventures’ first investment in a DePIN project after leading a $10 million funding round for Uplink, which seeks to decentralise communications.
Unlike Daylight, which allows users to earn rewards by connecting different power products including thermostats, batteries and electric vehicles, Glow is primarily focused on solar energy.
Commenting on the announcement, Glow founder and CEO David Vorick said in the statement: “In less than a year, Glow has grown from a rooftop solar project in the U.S. to a network with several multi-million dollar solar farms in India. The solar farms that have already been built are projected to eliminate more than 85,000 tons of CO2 emissions over their lifetime.”
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