P2P solar equipment leasing marketplace Sun Exchange has raised $1.6 million in seed financing from a group including Network Society Ventures, Kalon Venture Partners, BoostVC, Techstars and Powerhouse.
Sun Exchange leverages blockchain technology to allow people to buy solar cells in solar projects mostly in solar-rich but power-poor emerging markets. More investors get access to solar panel ownership while providing businesses and communities access to cheaper power. Investors can purchase single solar cells for less than $10.
Sun Exchange has been in Africa since 2014 and has additional locations in California and Dubai.
“Solar power is the most promising technology to achieve a zero-carbon future,” CEO Abraham Cambridge said. “It’s the fastest growing source of energy, but billions of people don’t own their own roof or have the capital to get it.
“By breaking down solar panel ownership to a single cell we reduce the cost of going solar by two orders of magnitude and we’re utilizing empty roof space in some of the sunniest cities on the planet, such as Dubai and Johannesburg. To super-charge the process we’ve combined our solar leases with another breakthrough technology – blockchain, namely Bitcoin. Putting the two together empowers anyone to go solar and be part of the global solar energy transformation with just a few taps on a screen.”
“At the intersection of the exponentially growing technologies of solar photovoltaics, crowdfunding and blockchain, Sun Exchange is uniquely positioned to become a leading force in the profound transformation that we will witness as we build a global 21st century civilization,” said David Orban, founder and managing partner of Network Society Ventures and Sun Exchange board member.