People without power across the developing world don’t have access to funding for renewable and clean solar energy, despite having an abundance of sunshine. The Sun Exchange is a ‘crowd-sale’ platform connects people investing in solar energy and those who need it. Investors can purchase solar cell panels and lease them to local communities, who can then power their schools and neighbourhoods with solar energy. These solar panels provide an income through a blockchain payment and have leases of up to 20 years.
HOW THEY’RE DISRUPTING
The Sun Exchange provides affordable power for communities and a safer investment for the panel purchasers. The use of cryptocurrency allows The Sun Exchange to overcome lack of financial infrastructure in developing countries and lower any currency risk.
Solar energy is becoming the fastest growing source of power. $3.4 trillion has been pledged to move from fossil fuels to clean energy, but the upfront cost of solar energy and lack of financial infrastructure has been a barrier to countries like Africa obtaining this energy source. The Sun Exchange has the potential to create both environmentally friendly and socially responsible projects throughout the developing world.
INVESTMENTS AND FUTURE
The Sun Exchange have raised $1.6m in seed round funding from a range of partners in the US and South Africa, including Network Society Ventures, Kalon Ventures and Boost VC. They have also started expanding globally with offices in US and Dubai.