Sun Exchange, a blockchain-based peer-to-peer energy company, has just secured a $3 million level of funding from the Africa Renewable Power Fund (ARPF), which is a part of ARCH Emerging Markets Partners. In total, the group received $4 million during this funding round.
According to a press release from Sun Exchange, this money will go towards “the next phase” of the platform looking to bring renewable energy to Africa. This will do the following, the release notes:
“Expand our work solar powering schools, clinics, farms, cell towers, water plants, businesses and other organisations across Sub-Saharan Africa. As a result, we will provide Sun Exchange members exciting opportunities to further diversity their solar cell portfolios across regions and industries.”
On top of this, the group will be able to expand their user base and make fixes on the software side of the platform as well. Essentially, more jobs are being created.
Speaking on the matter is William Barry, the Managing Director of ARCH, who said:
“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. 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.”