WOODSTOCK, SOUTH AFRICA – The Sun Exchange, a blockchain startup, has raised $1.6 million in funding after the company pulled backing from numerous investors.
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Investors included Network Society Ventures, Kalon Venture Partners, and startup accelerators BoostVC, Techstars, and Powerhouse.
“The Sun Exchange is a marketplace where you can purchase solar cells and have them power businesses and communities in the sunniest locations on earth. You lease your solar cells purchased through The Sun Exchange to hospitals, factories, schools and other end-users, earning you decades of solar powered rental income wherever you are in the world,” according to the official website.
“The Sun Exchange hosts what we call a ‘crowd-sale’ of solar cells. It works a bit like crowd-funding in that the project will only go ahead once all the solar cells have been sold. We arrange the solar equipment leases for you and arrange the revenue collection and distribution systems so you can earn a passive stream of rental income powered by the sun.”
Solar cells are the squares of silicon that make up a solar panel. Usually a solar panel is made up of 60 solar cells.
Solar cells are the part of a solar panel that actually makes the electricity when exposed to sunlight.
A solar cell is like a little piece of solar panel real estate, and you can buy as many as are available on a project.
To make solar energy affordable for people on low incomes, The Sun Exchange opted to sell cells rather than whole solar panels to lower the entry price.
Solar cells are given a unique reference number thus allowing you to locate it geographically and specifically on each solar project.