Gridless, a bitcoin mining firm that provides new energy generation to distant areas of East Africa has won a $2 million seed investment.Stillmark & Block, Inc. led the round, and Factor[e], which also competed in the pre-seed round, participated.
Gridless CEO Erik Hersman declared, “Africa needs cheap electricity.” “Our initiative fills a need by allowing renewable energy mini-grid providers to grow more quickly, sustainably, and to serve thousands of people.
Because we have the required financial and strategic backing, we can accelerate our rollout thanks to this investment and the fantastic partners joining forces with us.
Gridless develops, builds, and maintains bitcoin mining operations in rural areas of Africa where extra energy is not being used in partnership with small-scale renewable energy providers.
Gridless operates as the anchor tenant, sponsoring their creation and controlling their administration, while the data centres are positioned in isolated places without access to traditional industrial or commercial customers.
In its first year, Gridless made a deal with HydroBox, an African hydroelectric energy company, for five project pilots in rural Kenya. Three of these projects are already up and running.
With the money, the company can expand its bitcoin mining operations in African markets.
The company plans to grow soon by entering new parts of East Africa.