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Exclusive: Plural nets $2.3M to connect renewables with blockchain funders

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May 30, 2024
Illustration of a crypto block with an image of a one hundred dollar bill on one side.

Illustration: Gabriella Turrisi/Axios

Plural has raised $2.3 million in pre-seed funding to connect solar and wind energy developers with investors using blockchain.

Why it matters: The startup says on-chain investing can lower transaction costs compared with conventional project financing.

Catch up fast: In blockchain technology, blocks of data are strung together in a chain across multiple databases.

  • The dispersed approach is more secure than using a single centralized database.

The big picture: Plural is harnessing the technology to enable just about any investor to fund a renewable energy project and to reduce transaction costs.

How it works: Investors in a project receive tokens that are stored in their digital wallets or on Plural. Investors can then earn dividends as the assets earn income.

Driving the news: Necessary Ventures and Compound led Plural's all-equity round, which closed in late 2023 after a several-month raise.

  • Volt Capital and Maven11 participated.
  • Plural CEO Adam Silver and Necessary Ventures managing director Neil Devani sit on the company's board.

What's next: Solaris Energy, a Fort Collins, Colo., solar developer, plans to go live with Plural's first portfolio of projects this summer.

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