[WATCH] South African Blockchain Startup, Sun Exchange, Raises $3 Million to Diversify Portfolio and Explore More African Markets

0
659
JOIN US ON TELEGRAM

Sun Exchange, a South African blockchain-based peer-to-peer renewable energy startup has raised $3 million in its latest Series-A funding round from ARCH Emerging Markets Partners.

The new raise marks the close of the $4 million (67 million Rand) Series-A funding round for the startup.

SEE ALSOJamborow, The African-focused Blockchain-based B2B Fintech Platform, Raises $400, 000 to Launch in Nigeria

Sun Exchange allows anyone globally to invest in its projects through a crowdsale for its solar cells. Investors earn lease rental payments on a monthly basis from businesses and organizations running the solar cells. These monthly payments can be remitted either via local currency or Bitcoin into your Sun Exchange wallet.

According to an announcement on the company website, the new funding round will enable the startup ‘unlock the next phase of growth, enabling it to expand its solar powering schools, clinics, farms, cell towers, water plants, businesses, and other organizations across Sub-Saharan Africa.’

The raise will also be used ‘further diversify its clients’ solar cell portfolios across regions and industries.’

In 2019, Sun Exchange more than doubled its community size who are currently over 17, 000 across 162 countries. In addition, the company project portfolio nearly tripled in size in 2019 while facilitating over 31 schools, businesses, and organizations in South Africa alone.

Speaking about the new raise, Abe Cambridge, CEO and Founder, Sun Exchange, said:

“There has never been a more critical time to accelerate the Sun Exchange mission of connecting the entire world to the sun, as socio-economic and energy systems across the world are on the brink of being reset and redefined.”

According to William Barry, CEO, ARCH Emerging Markets Partners:

“Sun Exchange is positioned to emerge as an enabling force in the imminent global energy and economic transformation, with a first-of-a-kind platform that harnesses the power of a united global community to unlock the potential of distributed solar power in emerging markets.

We are thrilled to partner with Sun Exchange on this journey to expand the success the company has already seen in South Africa throughout ARPF’s target markets in sub-Saharan Africa.”

Sun Exchange CEO is also confident that bitcoin mining is more energy efficient over the alternative banking system. He hopes bitcoin mining will eventually be solar powered since 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.”

 

Sun Exchange is the world’s first peer-to-peer solar cell leasing marketplace. Through the Sun Exchange online platform, anyone, anywhere in the world, can buy remotely-located solar cells and lease them to power businesses and organisations in sunny emerging markets. Solar cell owners earn income from the electricity that’s generated, while schools, businesses, clinics and other organisations secure access to affordable clean energy, reducing electricity costs and carbon emissions. 

 

Follow us on Twitter for latest posts and updates

 

 

To celebrate the partnership. BitKE is giving away free bitcoins to 15 winners. Sign up here to qualify: https://bit.ly/BitKE-Giveaway

 

Open a Paxful Bitcoin Trading Account today!

LEAVE A REPLY

Please enter your comment!
Please enter your name here