South African-based solar micro-leasing marketplace provider Sun Exchange, has received a $500,000 seed investment from Alphabit, a multi-million dollar hedge fund.
The investment highlights Alphabit’s support of the Cape Town-based firm's vision of creating a thriving, inclusive and decentralised, global solar-powered economy.
“Alphabit invests in companies that solve real-world problems by applying blockchain and decentralisation,” said Liam Robertson, CEO of 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.”
In July 2018, the solar solutions firm 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.
While in May, the United Nations Development Program announced that it has partnered 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 of Sun Exchange.
“Their investment will significantly accelerate our growth and progress towards our goal of solar powering the world through the crypto-economy," Cambridge added.
The firm is currently running a crowdsale for its seventh project, which will solar power Sacred Heart College in Johannesburg, a historic educational institution renowned for its social justice leadership.