Daylight Energy said Thursday it has raised a total of $75 million in a funding round led by Framework Ventures.
The new capital consists of $15 million of equity and $60 million of “non-recourse project financing capital, secured against infrastructure assets directly,” which is essentially a loan to be repaid with earnings, CEO Jason Baddow told The Block.
Daylight will use the funds to further its development as a decentralized physical infrastructure network (DePIN) project focused on energy distribution.
Framework led the $15 million equity raise with participation from A16z crypto, Lerer Hippeau, M13, Room40 Ventures, EV3, Crucible Capital, Coinbase Ventures, and Not Boring Capital. Turtle Hill Capital led the capital component of the project’s $60 million financing, a statement said.
DePIN is an umbrella term for networks that leverage blockchain technology to decentralize control and ownership of real-world physical infrastructure. Daylight, founded in 2022, is building a decentralized protocol that allows users to connect their energy devices, such as thermostats, batteries, electric vehicles and solar inverters, to its app and earn rewards. Last year, the company raised $9 million in Series A funding led by A16z Crypto.
“To build the world’s largest decentralized energy grid, you need to incentivize behavior change to embrace distributed energy, and incentivize a massive amount of capital behind it,” Daylight CEO Jason Baddoo said in a statement. “Cryptocurrencies are uniquely good at doing both of these things, and create opportunities to align incentives, reduce costs, and rebuild the industry based on transparency, ownership, and shared economic upside.”
Daylight was co-founded by Badeaux, Udit Patel, and Evan Caron, all of whom have backgrounds in the energy industry.
The company also said it is introducing DayFi, a “new yield protocol that opens up energy infrastructure to decentralized finance” and will allow investors to “earn a yield tied directly to electricity revenues from the Daylight Network’s growing portfolio of solar and storage systems.”
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