Sun Exchange, South African solar micro-leasing marketplace has partnered with rural mini-grid solutions provider Powerhive to utilize the crypto-economy to provide access to energy in rural Kenya.
Powerhive has been named as the exclusive recipient of proceeds designated for solar project pre-financing from sales of the Sun Exchange SUNEX digital rewards token.
Sun Exchange will allow users to buy solar panels with crypto currencies and lease them to various projects, while Power hive, which has offices in both the United States and Kenya, will enable the development, financing, and management of bankable solar micro-grids.
“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,” said Abraham Cambridge, founder and chief executive officer (CEO) of Sun Exchange..
The funds will be used for building solar-powered rural electrification mini-grid projects, which include revenue and livelihood enhancing programmes throughout Sub-Saharan Africa.
The solar panels that make up these projects will subsequently be offered to Sun Exchange members, who will then receive the decades of “solar-powered money”. Upon subscription, 150 new projects will be funded and expected to provide power power to 175,000 people currently lacking power.
“The crypto currency 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,” said Abraham Cambridge.