On Wednesday, Sun Exchange, a solar micro-leasing marketplace and rural mini-grid solutions provider, Powerhive, announced a new initiative, which will utilise the crypto-economy to accelerate global progress towards universal energy access.
More than 1 billion people worldwide are still without access to electricity, this severely inhibits economic development and basic human rights including health, education, safety and security.
— The Sun Exchange (@TheSunExchange) July 18, 2018
Through the new partnership, Powerhive has been named as the exclusive recipient of proceeds designated for solar project pre-financing from sales of the Sun Exchange SUNEX digital rewards token.
The clean energy company will use the funds for building solar-powered rural electrification mini-grid projects, which include revenue and livelihood enhancing programmes throughout sub-Saharan Africa. Read more: Cryptocurrency seeks government support
The solar panels that make up these projects will subsequently be offered for sale to Sun Exchange members, who will then be able to own cells within the projects and earn decades of ‘solar-powered money’ from the electricity the projects produce.
When fully subscribed, this process is expected to catalyse $23 million of capital that will accelerate Powerhive’s solar powered mini-grid roll out, by funding approximately 150 new projects, which will in return provide power to 175,000 people currently lacking power.
“The cryptocurrency community is made up of inspired individuals eager for more than just financial gain. Our partnership with Powerhive underscores the SUNEX token sale opportunity to support a crypto project geared directly towards reducing global inequality and climate impact,” said Abraham Cambridge, Founder & CEO, Sun Exchange.
“Together, we are working towards a world where no one is forced to cook with unsafe kerosene or wood-burning stoves, no child has to worry about how they will study after dark, and lack of energy access ceases to propel cycles of poverty,” Cambridge added.
“Over the past seven years Powerhive has built a vertically integrated platform that allows us to identify, construct and operate the highest quality and lowest cost solar-powered mini-grids in Africa,” said Powerhive Founder and CEO, Christopher Hornor.
Hornor concluded by saying: “At the heart of our projects are the communities we serve. By providing the power platform first and then layering in productive use programmes, we create a virtuous cycle of economic and personal empowerment that provides steady profits for both our customers and our investors. Our partnership with Sun Exchange will now give almost anyone the opportunity to invest in innovative low-carbon development projects in Africa and beyond.”