A new $38 million (£28m) renewable energy fund that will focus on investments in solar energy has been announced.
Protocol Labs, an open-source research and development lab that builds protocols, tools and services to improve the internet, has joined forces with Nelnet Renewable Energy Services to launch the Filecoin NNI Renewable Energy Fund that will investment in projects across the US.
Nelnet Renewable Energy Services has committed $3 million (£2.2m) to the fund and will serve as the fund manager over the duration of the investment.
The two organisations will finance a portfolio of solar energy projects currently estimated to generate 50MW of new capacity, currently valued at around $130 million (£95.7m).
Protocol Labs joined the Crypto Climate Accord (CCA) last year as part of its mission to transition the blockchain industry to renewable energy.
It created the Filecoin Green project, in collaboration with Energy Web, to decarbonise Filecoin, the world’s largest decentralised storage network.
The Filecoin Green open-source dashboard leverages the power of Web3 verifiability to address public concern about the energy impact of the cryptocurrency industry.
Dr Alan Ransil, Head of Filecoin Green at Protocol Labs said: “Protocol Labs is committed to driving the next generation of the internet, Web3, toward net zero emissions. A major factor in those emissions is the electricity Filecoin and other protocols currently consume, which comes mainly from the same electric grids that power our homes, offices and infrastructure.
“By investing in solar development with Nelnet, we are both building new generation capacity in this vital public infrastructure system and helping to push the renewable energy transition forward. This supports the responsible evolution of the internet while contributing to the power system as a whole— for the betterment of all.”