African Bitcoin Mining Firm 'Gridless' Raises $2M in Funding Led by Block, Inc. and Stillmark
Gridless designs, builds, and operates bitcoin mining sites alongside small-scale renewable energy producers in rural Africa where excess energy is not utilized.
Gridless designs, builds, and operates bitcoin mining sites alongside small-scale renewable energy producers in rural Africa where excess energy is not utilized. Gridless serves as the anchor tenant, financing the construction and managing the operation of data centers in rural communities where traditional industrial or commercial customers are not available.
In its first year, Gridless has contracted five project pilots in rural Kenya with HydroBox, an African hydroelectric energy company, three of which are currently operational. The company plans to expand to other geographies in East Africa in the near future.
“Africa needs affordable electricity,” said Erik Hersman, CEO of Gridless. “Our work in supporting renewable energy mini grid developers fills a gap, helping developers expand faster, be more sustainable, and serve thousands of households. This investment, and the high caliber of partners that are coming alongside us, means that we can accelerate our rollout knowing that we have both the capital and strategic support required.”