Ethereum-based solar project Glow raises $30 million in funding round led by Framework Ventures and USV

Glow Labs, an Ethereum-based solar project, announced it raised $30 million in a funding round led by Framework Ventures and Union Square Ventures.

The company said on Thursday that it had secured $6.5 million to help fund Glow Lab's operations in addition to $23.5 million earmarked for supporting the expansion of solar farms in India.

"Glow is on a mission to power the planet with an abundance of 100% renewable energy," the company said in its statement. "To accomplish this, Glow uses foundational [DePIN] principles, creating a solar acceleration flywheel similar in nature to Bitcoin mining." 

DePIN projects, or decentralized physical infrastructure networks, are often blockchain-based alternatives to traditional forms of physical infrastructure like data networks, transportation or electrical grids, which tend to be owned and managed by centralized entities. In recent months, various DePIN projects have secured financing, including Mawari Network, a company focused on scaling spatial computing,

According to Glow, solar farms on their network are rewarded with GLW tokens in exchange for their electricity output, "as well as USDC rewards for their carbon credits." Glow hopes governments, businesses and individuals will choose its network to access renewable energy. 

"In less than a year, Glow has grown from a rooftop solar project in the U.S. to a network with several multi-million dollar solar farms in India," Glow founder and CEO David Vorick said in the statement. "The solar farms that have already been built are projected to eliminate more than 85,000 tons of CO2 emissions over their lifetime."

Glow Labs' other backers include Lattice Ventures, Protocol Labs, Hack VC, HF0 and Alliance DAO, according to the statement.