Sun Exchange, Powerhive to provide cryptocurrency-funded energy to rural Africa
Worldwide solar micro-leasing marketplace Sun Exchange announced in a press release CoinReport received from Social Radius, Sun’s PR firm, a new enterprise in association with Powerhive, a rural mini-grid solutions provider that will put the crypto-economy to use in order to fast-track worldwide advancement towards global energy access.
Today, over one billion people still live without electricity – which diminishes their financial growth and fundamental human rights including security, education, safety and health. Powerhive and Sun Exchange say they have a joint objective of eradicating worldwide energy poverty by merging sustainable, decentralized solar power and groundbreaking technologies and financial tools like cryptocurrencies and blockchain.
Powerhive, through the new partnership with Sun, has been denominated as the exclusive beneficiary of proceed selected for solar project pre-funding from sales of the Sun Exchange SUNEX digital rewards token. Sun is at present running the public token sale for the digital currency.
The rural mini-grid solutions provider will utilize the money for developing solar-powered rural electrification mini-grid projects, which include livelihood and revenue improving programs through sub-saharan Africa. The solar panels that constitute these projects will, at a later time, be put forward for sale to Sun Exchange members, who, in turn, can own cells within the projects and profit from decades of “solar-powered money” from the electricity produced by the projects. This process, when fully subscribed, is anticipated to catalyze $23 million of capital that will speed up Powerhive’s solar-powered mini-grid roll out, by financing about 150 new projects that will offer electricity to 175,000 people presently living without it.
Powerhive not only delivers utility-grade power to communities, but also runs wealth generation programs within them, like the solar-powered chicken incubation “Kuku Poa” initiative. Productively using available solar power allows for improved financial growth and prosperity, ensuring energy access is more reasonably priced to customers.
Sun Exchange founder & CEO Abraham Cambridge said in the press release we received, “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.
“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.”
Powerhive founder and CEO Christopher Hornor commented, “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.
“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.”
Sun Exchange was recently selected by the United Nations Development Program to pilot blockchain-based solar finance in Moldova. The company also won the Mondato Award for Social Impact in Sub Saharan Africa and has been recognized as the best Blockchain Business in Africa at the African Fintech Awards for the past two years running.
Images courtesies of their respective firms via Sun Exchange’s PR firm, Social Radius