Creator of Filecoin, Protocol Labs, has announced the creation of a $38 million Filecoin NNI Renewable Energy Fund in partnership with Nelnet. The Fund is focused on investments in solar energy throughout the United States, with Nelnet Renewable Energy Services (NYSE: NNI).
Dr. Alan Ransil, the Head of Filecoin Green at Protocol Labs, explained that Protocol Labs is committed too the next generation of the internet including 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.”
Nelnet Renewable Energy Services is said to have committed $3 million of capital to the Fund and will serve as the fund manager over the duration of the investment.
The total Protocol Labs and Nelnet investment is expected to finance a portfolio of solar energy projects currently estimated to generate 50 Megawatts (MW) of new solar energy capacity. This is said to contribute more energy to the electric grid than the 2.8 MW currently consumed by the Filecoin network in the US.
Jon Miller, Director of Tax Equity Capital Markets at Nelnet, added that they are excited to partner with Protocol Labs, a company that is building the future internet.
Protocol Labs joined the Crypto Climate Accord (CCA) in 2021, alongside ConsenSys, the Web3 Foundation, and CoinShares.
The goal is to decarbonize Filecoin, a large decentralized storage network.
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