Sun Exchange, South Africa’s blockchain solar energy startup has secured a $3 million (~ ZAR 50 million) investment from ARCH Emerging Markets Partners’ Africa Renewable Power Fund (ARPF) for local expansion.
Bringing the close of its $4 million (~ ZAR 67 million) Series-A funding round, the new funding is expected to bolster Sun Exchange marketing activities to grow its membership base, and make significant software enhancements to extend the capabilities and features of its online platform.
The funds will help Sun Exchange power more schools, clinics, farms, cell towers, water plants, businesses and other organisations across Sub-Saharan Africa.
“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,” said According to William Barry, Managing Director of ARCH. “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.”
Founded in 2015, The Sun Exchange, has more than 8,000 Sun Exchange members across the world. The firm has brought solar power to 13 South African schools, businesses and organisations, offsetting 1,500 tonnes of carbon per year, and growing.