Solar energy company Daylight Energy has secured a significant funding boost of $75 million, according to announcements from PANews and Business Wire. The funding comes through a combination of equity financing, led by Framework Ventures with participation from a16z crypto, Lerer Hippeau, and M13, alongside project finance totaling $60 million from Turtle Hill Capital. This investment will facilitate Daylight Energy’s expansion into new markets for its decentralized solar and storage solutions.
DayFi, the company’s proprietary blockchain-based protocol, allows households to participate in a unique revenue sharing model that incentivizes the adoption of distributed solar panels and energy storage technologies. Users are compensated through market prices for returning power back to the grid during peak hours and receive further reward from subscriptions. This innovative approach offers users a chance to earn passive income while simultaneously contributing to cleaner energy solutions. Daylight Energy currently operates in Illinois and Massachusetts, serving a growing user base, but plans to expand into DeFi financing by the fourth quarter of this year.