Wednesday
June 10
2020

Crypto-enabled solar leasing platform Sun Exchange raises $3 million for expansion

By Yogita Khatri

Sun Exchange, the South African peer-to-peer, crypto-enabled solar leasing platform, has raised $3 million in fresh funding.

London-based private equity firm ARCH Emerging Markets Partners’ Africa Renewable Energy Fund invested the amount, marking the close of a $4 million Series A by Sun Exchange.

With the fresh capital in place, Sun Exchange plans to expand its services across Sub-Saharan Africa, grow its membership base, and hire more staff. The startup allows its members to own solar cells and sell the generated electricity to businesses and organizations such as schools, clinics, farms, and water plants.

Photo courtesy of David Monje.

Source: The Block (link opens in a new window)

Categories
Energy, Environment
Tags
capital, electricity, emerging markets, infrastructure, investment, solar energy, startups