DePIN Glow secures $30M from Framework Ventures, USV
DePIN Glow has successfully raised $30 million in a funding round led by Framework Ventures and Union Square Ventures, among others. The investment will support the expansion of its solar grid in India, which aims to meet the energy needs of approximately 34,000 households. Since its inception less than a year ago, Glow has transitioned from a rooftop solar project in the US to a network of multimillion-dollar solar farms in India, which are projected to significantly reduce CO2 emissions. The decentralized physical infrastructure network utilizes blockchain technology to empower individuals and reward them with digital tokens for their contributions, promoting collective ownership of solar energy systems. Glow is reported to be the most profitable DePIN network, boasting over $5 million in revenue from its solar farms, which receive incentives for their electricity output and carbon credit generation. DePIN protocols, like Power Ledger, are gaining attention for their potential to revolutionize energy distribution and infrastructure globally.
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