Sun Exchange, the South African blockchain peer-to-peer renewable energy platform (startup), has obtained a $3 million investment from Arch Emerging Markets Partners, thereby closing its $4 million Series-A funding round.
It has been reported in a statement that Sun Exchange allows international clients to buy remotely-located solar cells, either with Bitcoin (BTC) or South African rand and then lease them to power businesses and organizations in emerging markets.
However, Abe Cambridge, the founder and CEO of Sun Exchange, said:
“Solar cell owners earn income from the electricity that’s generated, while schools, businesses, clinics and other organisations gain access to affordable clean energy, reducing electricity costs and carbon emissions.”
The Sun Exchange will reportedly allow clients “to further diversify their solar cell portfolios across regions and industries” with the new investment.
The platform allows to buy remotely-located solar cells with Bitcoin and lease them to power businesses in Africa https://t.co/CCtR836GG9 — Cointelegraph (@Cointelegraph) June 9, 2020
Cambridge said that the company is also exploring a number of different markets in sub-Saharan Africa, including Namibia, Zimbabwe, and Nigeria.
He added:
“Although bitcoin mining is energy intensive, it is more efficient than the alternative banking system, and the race is on to mine bitcoin in the most efficient manner possible, using the lowest cost energy — which is now solar energy in places with abundant sunshine. We hope bitcoin mining can be solar powered.”
Thus, he said that the energy that solar cells produce over their lifetime “is far greater than the energy it took to mine the Bitcoin that purchased them, creating a positive energy balance.”
Source: Cointelegraph | Image: Pixabay