A company by the name of Sunex is letting its customers purchase individual solar cells, as opposed to whole solar panels, to allow small investors to take part in their business venture. The company plans on distributing profits to the investors through either Bitcoin or fiat currency, according to what the investor decides. The idea behind the company is to use the power of the sun to create their own form of currency.
SPONSORIf you like this content, be sure you click here and support iState's ability to deliver to you news for the iStater, the state of one.
Founded by Abraham Cambridge and co-founder Larry Temlock in 2016, The Sun Exchange (Sunex) is an innovative company seeking to use bitcoin as a vehicle to enhance access to solar energy throughout South Africa. Sunex allows investors to purchase solar cells, before distributing returns on power generation in the form of bitcoin or South African Rand.
Sunex Lets Members Purchase Solar Cells and Distributes Profits as Either Bitcoin or Fiat
Investors can purchase solar cells using either bitcoin or South African Rand. Sunex believes that their project will invite new investors into the cryptocurrency space, anticipating that the tangibility of having “an actual physical and valuable, solar asset” will entice prospective investors who are inexperienced with bitcoin.
Sunex allows its customers to purchase individual solar cells rather than entire panels (a solar panel usually comprises 60 solar cells) in order to facilitate investment from individuals with little capital. Sunex rents the solar cells to a designated infrastructure project, and repatriates rent incurred through the consumption of power back to the owners of the solar cells. Each solar cell is given a unique reference number, allowing investors to geographically locate and inspect their solar cells.
Once a project has agreed to partner with The Sun Exchange, financing for the required solar infrastructures for the project is raised through a crowdsale, with the solar infrastructure being purchased and installed once all of the cells required to power the project have been sold to investors. Currently, Sunex has successfully facilitated the funding of solar infrastructure that powers the Knysna Elephant Park, CROW Wildlife Rehabilitation Centre, and The Stellenbosch Waldorf School. Sunex is currently conducting a crowdsale to develop a 100-kilowatt solar micro-grid for the rural village of Ha Makebe in Lesotho…..
…Sunex sees the pairing of cryptocurrency and solar technology as fitting due to both technologies being “very similar… on a philosophical and practical level. Solar energy is a decentralized and democratic form of energy – anyone can choose to go solar. Bitcoin is a decentralized and democratic form of money – anyone can choose to create their own money and spend it in any country.” Ultimately, Sunex believes that “digital currenc[ies] and solar are both radically liberating technologies that are going to be the foundation of the 21st-century economies.”, adding that “as long as we are still relying on fossil fuels and fiat currencies we are still stuck in the 19th century.”