The latest capital infusion will be used to support the company’s expansion across East African markets.
Gridless – a Kenyan-based Bitcoin mining company – has announced raising a $2 million seed investment round led by venture capital investor Stillmark and digital payments firm Block, Inc.
According to the official press release, Gridless harnesses small-scale renewable energy grids in rural Africa. The company has participated in five different project contract pilots in rural Kenya alongside an African hydroelectric company – HydroBox. Currently, three of these pilots are operational.
It has also financed the construction and managing the operation of data centers in rural communities where traditional industrial or commercial customers are unavailable.
Commenting on the development, Gridless CEO Erik Hersman stated:
“Our work in supporting renewable energy mini-grid developers fills a gap, helping developers expand faster, be more sustainable, and serve thousands of households. This investment, and the high caliber of partners that are coming alongside us, means that we can accelerate our rollout knowing that we have both the capital and strategic support required.”
Thomas Templeton, who happens to be the lead for bitcoin mining and wallet at Block, specified that Gridless represents a close strategic alignment with the company’s vision to ensure the network increasingly uses clean energy “in combination with bitcoin computational centers around the world.”
While mining operations in some parts of the world still rely on fossil fuels to power their rigs, many are turning to sustainable ways forward.
The conversation surrounding Bitcoin mining has gradually shifted to “green” or “clean” infrastructure.
In fact, a report from the Bitcoin Mining Council observed that the Bitcoin mining industry as a whole has increased the use of sustainable energy by 52.2% – one of the most sustainable industries in the world – as of the first quarter of 2022.
Over the past year, usage of sustainable energy in the space has surged by 59% as well.