Ripple Teams With Nelnet on $44M Solar Investment

The joint investment will fund solar energy projects throughout the U.S. as crypto firms try to reduce the industry’s carbon footprint.

Oct 11, 2021 at 9:40 p.m. UTC
Updated Oct 12, 2021 at 1:23 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

Crypto-powered digital payment service Ripple has made a $44 million joint environmental, social and governance (ESG) investment with Nelnet Renewable Energy, a unit of Nelnet (NYSE: NNI) into one of Nelnet’s solar energy funds.

  • The firms said Monday that Ripple will be the majority investor in the tie-up, which will fund solar energy projects throughout the United States.
  • The solar projects financed by the joint venture are estimated to offset over 1.5 million tons of carbon dioxide over 35 years, or about the same amount of carbon dioxide emissions from consuming 154 million gallons of gasoline, according to the companies.
  • “Guaranteeing a clean energy future is a major priority across every industry, not only to drive future economic growth but also to ensure a more sustainable world. As the adoption of cryptocurrencies and blockchain continues to grow, it’s evident that the technology will underpin our future financial systems,” said Ken Weber, Head of Social Impact at Ripple, in a press release. The investment is part of Ripple’s “commitment to reduce the carbon footprint of financial services globally and to deliver on the promise of a carbon negative cryptocurrency industry.”
  • The carbon footprint of the crypto industry is a longstanding concern, and this isn’t Ripple’s first eco-focused partnership. The company is part of the Crypto Climate Accord, with the goal of making the crypto industry run on 100% renewable energy by 2030.
  • Last year, the nonprofit Energy Web launched a decentralized approach to decarbonizing the grid and tapped Ripple as its first partner.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

Trending

1
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown
2
CoinDesk - Unknown
5 Key Takeaways From a16z's State of Crypto Report

The venture firm is extremely bullish on Web 3.

The venture firm is extremely bullish on Web 3.

CoinDesk - Unknown
3
CoinDesk - Unknown
Regulators Are Paying Attention to UST

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

CoinDesk - Unknown
4
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown