Daylight Energy, a DePIN startup focused on distributed solar energy, has raised $75 million in new funding to expand its decentralized energy grid.
The round includes $15 million in equity led by Framework Ventures with participation from a16z crypto, Lerer Hippeau, M13, Room40 Ventures, EV3, Crucible Capital, Coinbase Ventures, and Not Boring Capital, as well as a $60 million venture development facility led by Turtle Hill Capital.
The company said the capital will finance the installation of solar energy systems and home batteries on the Daylight Network, a subscription-based program that provides households with backup power and fixed electricity rates with no upfront costs.
Homeowners currently earn “Sun Points,” a non-crypto rewards system that Daylight expects will evolve into a network token over time. The company also offers DayFi, a decentralized finance (DeFi) protocol designed to offer a yield directly tied to the electricity revenue generated by Daylight’s infrastructure portfolio.
The model links capital markets and renewable energy, said Vance Spencer, co-founder of Framework Ventures, adding that DeFi investors are looking for real sources of returns as global energy demand rises.
“As artificial intelligence accelerates global energy demand and energy costs rise, we believe Daylight is uniquely positioned to meet this moment by connecting capital to the next generation of renewable infrastructure,” Spencer said.
This is a developing story.
This article was created with the help of artificial intelligence and reviewed by an editor Geoffrey Albus Before publication.
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