Sun Exchange, a South African blockchain startup, raised $ 3 million from a fund owned by London-based ARCH Emerging Markets Partners. The money will be used to develop a business related to investments in renewable energy infrastructure.
The company runs a business that allows investors from anywhere in the world to invest cryptocurrency in Africa’s solar energy. Sun Exchange co-founder Abraham Cambridge calls his product “a peer-to-peer platform for renting solar panels.”
“You, as an individual, are selling electricity to the South African school, which is generated by a solar panel purchased from Sun Exchange. Our company measures how much energy your panel generated, sells this electricity to the customer you select, collects money from it and transfers it to your Sun Exchange wallet, ”Cambridge explains.
Sun Exchage accepts South African rand and Bitcoin. According to Cambridge, the company decided to accept cryptocurrency, since it needed a “universal payment system that would allow microtransactions up to a millionth cent”.
The Sun Exchange has already implemented almost 30 projects, and among the companies buying electricity from its investors, there are also quite large ones. For example, solar panels Sun Exchange uses a supermarket SPAR.
According to the company’s own data, more than 17 thousand people from 162 countries have already invested in solar energy through its platform. Now investors are invited to invest in the placement of solar panels for the Boland winery in the city of Paarl, in South Africa.
According to the International Energy Agency, almost a billion people live south of the Sahara Desert – less than half of them have access to electricity. Therefore, the money received from the investor Sun Exchange will spend on expansion in the region. For example, a company sees Nigeria as one of its potential markets. In addition to expansion in Africa, the Sun Exchange plans to open offices in Latin America and Southeast Asia.