Cape Town-based Sun Exchange, a solar micro-leasing business, has announced a $500,000 (R7.3 million) seed investment from Alphabit, a multi-million-dollar hedge fund.
“Alphabit invests in companies that solve real-world problems by applying blockchain and decentralisation,” said Liam Robertson, CEO, Alphabit.
“Sun Exchange is a prime example, with technology that has potential to disrupt two of today’s most dysfunctional centralised global systems – energy and finance. I’m convinced this will be one of the best equity investments Alphabit has made to date.”
Sun Exchange has garnered much recognition among global blockchain, technology and sustainability leaders for its innovative approach to solar finance. Earlier this year, Stacy Herbert and Max Keiser of Heisenberg Capital and the Keiser Report, joined the Sun Exchange advisory board.
In July, the company announced a partnership with Leonardo DiCaprio-backed Powerhive, aiming to leverage the Sun Exchange platform to deliver electricity for up to 175,000 people in Kenya currently living without power. In May, the United Nations Development Program announced it is partnering with Sun Exchange to pilot blockchain-based finance for solar in Moldova.
“We are delighted to have the support of Alphabit’s team of blockchain industry visionaries, who share our core principles of leveraging decentralisation to create a more sustainable and equitable world,” said Abraham Cambridge, CEO & Founder, Sun Exchange.
“Their investment will significantly accelerate our growth and progress towards our goal of solar powering the world through the crypto-economy.”
Sun Exchange has facilitated funding for six fully operational solar projects in South Africa through it’s solar micro-leasing platform. The projects power organisations such as schools, small businesses, wildlife protection parks and nonprofits. The company is currently running a crowd-sale for its seventh project, which will solar power Sacred Heart College in Johannesburg.
By leveraging the borderless, decentralised nature of cryptocurrency, Sun Exchange enables practically anyone, anywhere in the world, to buy into their solar projects and receive a stream of monetised sunshine from the power generated by the projects.
Sun Exchange also recently introduced SUNEX, its own digital rewards token, which can be earned to get discounts on the Sun Exchange marketplace and can be staked into a ground-breaking solar project insurance fund. The SUNEX Network Token is currently available for purchase through a public token sale event which will run through December 2018.