Ripple Creates $44 Million Solar Energy Fund With Nelnet

The XRP firm will contribute the majority of funding to the clean energy initiative.

Key Takeaways

  • Ripple has announced that it will contribute the majority of funding toward a $44 million energy fund with Nelnet.
  • Projects funded by the initiative could offset more than 1.5 million tons of carbon dioxide emissions over 35 years.
  • Ripple is already one of the least energy-intensive blockchains, but the initiative will put it in good company with other firms.

Ripple has announced that it will create a clean energy fund in cooperation with Nelnet Renewable Energy.

Ripple Will Invest In Solar Energy

Together, Ripple and Nelnet will create a $44 million joint investment into Nelnet’s solar energy investment fund. This effort will fund solar energy projects within the United States.

Projects funded by the initiative could offset more than 1.5 million tons of carbon dioxide over 35 years, according to a press release.

Though it is not clear exactly how much Ripple will contribute, the firm will contribute the majority of funding

Ripple’s Head of Social Impact, Ken Weber, called clean energy a “major priority across every industry.” He noted that clean energy technology will become important “as the adoption of cryptocurrencies and blockchain continues to grow.”

The press release notes that this is not Ripple’s first clean energy initiative. The firm is also part of the Crypto Climate Accord, and in 2020 it partnered with Energy Web and the Rocky Mountain Institute to decarbonize the XRP Ledger. It aims to become carbon net-zero by 2030 through its investments and activities.

Ripple’s XRP Is Already Energy-Efficient

Unlike Bitcoin and many other cryptocurrencies, Ripple’s XRP token does not rely on mining, which is an extremely energy-intensive process.

In fact, some surveys suggest that XRP is one of the most energy-efficient cryptocurrencies as it uses only 0.0079 KWh per transaction. By contrast, Bitcoin uses 707 kWh per transaction.

Despite Ripple’s low energy requirements, it will be in good company with other crypto firms that have created energy initiatives. Square, ConsenSys, and MicroStrategy have all participated in energy efficiency efforts over the past several months.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Ripple Looks Bound for Profit-Taking Before Higher Highs

Ripple’s XRP token appears to be enjoying the weekend as it has gained over 0.17 points in market value. Although the technicals point to a correction soon, it could be…

Ripple Places $250M Bet on NFT Market

Ripple’s legal issues in the U.S. are not preventing the firm from broadening its horizons in the crypto space. The distributed ledger startup is now aiming to compete for a…

XRP Unfazed by New Turn in SEC vs. Ripple Case

While Ripple’s legal battle against the Securities & Exchange Commission (SEC) continues, the XRP token shows signs of consolidation. SEC vs. Ripple Takes New Turn Ripple takes another loss against…

How to Trade Using the Inverse Head and Shoulders Pattern

In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *