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Ripple Partners Nelnet for Green Energy, Announces $44M Fund

UTC by Oluwapelumi Adejumo · 3 min read
Ripple Partners Nelnet for Green Energy, Announces $44M Fund
Photo: Depositphotos

The Executive Director of Nelnet Renewable Energy, Scott Gubbels, expressed satisfaction in the partnership while stating that this would allow his firm to advance its clean energy initiative in the United States.

In an effort to help achieve part of the US aim of transitioning to cleaner and more reliable energy sources, a leading provider of enterprise blockchain and cryptocurrency solutions Ripple has announced a $44 million partnership with an ESG business, Nelnet Renewable Energy, for a joint strategic investment into Nelnet’s solar energy funds.

According to the press release issued by the parties involved, a larger percentage of the funds would be financed by Ripple and it would be channeled to solar energy projects, in support of the United States’ pursuit of cleaner and more stable energy sources.

The companies noted that the solar energy projects would reduce over 1.5 million tons of carbon dioxide over 35 years, equivalent to CO2 emissions from consuming 154 million gallons of gasoline.

Ripple is a Crypto Climate Accord member and pursuing the aim of decarbonizing cryptocurrencies and making the crypto industry 100% renewable by 2030. And that is its latest initiative toward building a carbon-neutral future for global finance. 

“As the US transitions towards a zero-carbon future, investments in solar power projects could not come at a better time, especially with the US Department of Energy’s Solar Futures Study projection that 45% of all energy in the U.S. could be produced by solar by 2050,” the press release reads in part.

However, this is not the first of Ripple partnerships toward the goal of building a carbon-neutral future for global finance. In 2020, the company partnered with Energy Web and the Rocky Mountain Institute to decarbonize the XRP Ledger.

Head of Social Impact at Ripple, Ken Weber, while speaking on the partnership said “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.” 

He continued that they “are excited to work with Nelnet as we pursue our commitment to reduce the carbon footprint of financial services globally and to deliver on the promise of a carbon-negative cryptocurrency industry.”

The Executive Director of Nelnet Renewable Energy, Scott Gubbels, expressed satisfaction in the partnership with Ripple while stating that this would allow his firm to advance its clean energy initiative in the United States.

In his words, they “are thrilled to have a best-in-class investor platform that enables us to dork with investors like Ripple to further our effort toward advancing clean energy generation within the US.”

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Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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