Solar energy startup Glow has raised $30 million in funding from Framework and Union Square Ventures to scale its renewable energy operations in India and other global markets.

Founded in 2023, the Ethereum-based company focuses on accelerating solar energy adoption and decentralizing the energy grid through innovative blockchain solutions.

Glow has established three solar projects in Rajasthan with a total capacity of 21.3 MW. These projects, located at Rays Power Experts’ site near Bikaner, became operational on in October and November this year.

Collectively, these projects are projected to eliminate 300,000 tons of CO2 emissions over their lifetime and produce enough energy to power 34,000 Indian homes annually.

Glow’s operational model uses blockchain technology to create a Decentralized Physical Infrastructure Network (DePIN). This system connects solar projects, incentivizing energy production and carbon reduction while ensuring operational support for projects. Carbon credits generated through this process are sold to finance further expansion. The company focuses on regions with high sunlight and low electricity costs, allowing the company to produce high-quality carbon credits.

Earlier this year, the Karnataka Electricity Regulatory Commission released a draft proposal to allow peer-to-peer solar energy trading in the state using blockchain technology whereby electricity consumers can become ‘prosumers’ by installing rooftop solar modules and selling excess power generated to consumers directly.

Glow also operates internationally, with teams in San Francisco, Mexico City and Lisbon. With the new funding, the company aims to expand its network, develop blockchain solutions, and accelerate the transitions to sustainable energy systems globally.

According to Mercom’s 9M and Q3 2024 Solar Funding and M&A Report, solar corporate funding significantly declined in 2024, dropping 23% to $22.3 billion by September. Key factors include high interest rates and market uncertainties, with venture capital dropping 39%. While solar downstream companies received significant investments, public market funding plummeted by 71%.