South African startup Sun Exchange, which specializes in raising funds for solar energy projects, has raised $1.4 million as part of a crowdfunding sale of solar cells from a storage facility solar and 1.9 megawatt (MW) batteries to power the packaging and cold storage facilities of the Zimbabwean agricultural company Nhimbe Fresh, a giant in the production of fruit and tobacco.
“This is our largest crowdfunding and our first project outside of South Africa. It shows how people with innovative technologies can play a critical role in creating a more sustainable energy future by unlocking the potential of clean energy in ways that traditional finance cannot, ”said Abraham. Cambridge, Founder and CEO of Sun Exchange.
Here Is What You Need To Know
- The investment was made through the sale of individual solar cells as part of the project, and buyers will earn rental income in cryptocurrency from the electricity produced.
- About $ 1.4 million worth of solar cells were sold as part of the crowdsale, which was purchased by more than 1,700 people in 98 countries.
- This is Sun Exchange’s first crowdfunding sale of a multi-phase solar and storage project and will allow Nhimbe to run entirely on solar power.
- The solar project is part of Nhimbe Fresh’s plans to power its entire operation, including cold stores and packaging facilities, with solar energy.
A Look At What Sun Exchange Does
Founded in Cape Town (South Africa) in 2014, Sun Exchange, through its blockchain technology platform, connects investors (individuals and institutions) who finance solar energy projects with potential beneficiaries, who live mainly in the areas rural areas of the African continent.
Read also:Savings, Wealth Management and Insurance Provides Biggest Opportunities for Fintech in Africa.
The basic idea behind Sun Exchange is simple:
- You buy solar cells — the flat panels that produce energy when they are exposed to sunlight.
- You lease them out to a customer, whose rooftops they will be installed. These are schools, hospitals, churches etc typically. Installation takes a few weeks after the project is fully funded.
- The customer gets electricity from your solar cells and pays you for it. You just sit back.
How to buy solar cells on Sun Exchange
The process itself is pretty simple, especially if you have a credit card.
- Sign up to https://thesunexchange.com
- Once inside, navigate to the currently available projects. Choose one you want to invest in.
- Choose the number of solar cells you wish you to buy.
- Choose whether you want your returns in South Africa’s currency ZAR or BTC (Bitcoin).
- Optionally, choose if you want to donate part of your revenue to a selected cause.
- Place the order. You can pay with credit card, Bitcoin or wire transfer.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer