Sun Exchange has raised $1.6 million in seed financing from Network Society Ventures, Kalon Venture Partners and three of the world’s leading technology accelerators, BoostVC, Techstars and Powerhouse.
The firm says it will use the funds to boost its capacity to meet the demand for commercial-scale solar power projects, located in the sunniest regions of the planet. Founded in 2014, Sun Exchange has now expanded globally with United States headquarters and a regional operating office in Dubai.
According to Abraham Cambridge Founder and CEO, “We are the first marketplace of our kind, combining sharing economy principles with blockchain technology to democratize solar power.”
Sun Exchange allows individual investors to buy solar cells in solar projects in emerging markets in power-poor regions in move to make solar panel ownership accessible to retail and institutional investors worldwide, while giving businesses and communities in emerging markets access to fully-funded solar power plants to reduce running costs and drive sustainable development.
Using its blockchain-based platform, Sun Exchange is giving retail customers around the world the chance to lease solar cells bought on their platform for as low as $10 to achieve a zero-carbon future. The firm also breaks down the solar panel ownership to a single cell thereby reducing the cost by three.
“We’re utilizing empty roof space in some of the sunniest cities on the planet, such as Dubai and Johannesburg. To super-charge the process we’ve combined our solar leases with another breakthrough technology – blockchain, namely Bitcoin. Putting the two together empowers anyone to go solar and be part of the global solar energy transformation with just a few taps on a screen,” he said.
Sun Exchange says blockchain and Bitcoin will increase transparency and reduce the costs of the cross-border transactions, both problems that inhibit the majority of commercial solar projects from accessing traditional funding options.