Cryptonews Altcoin News

Ripple and Nelnet Inject USD44M In Solar Energy To Cut CO2 Emissions

Energy Investment Ripple

XRP

Author

Jaroslaw Adamowski

Author

Jaroslaw Adamowski

Author Profile

Last updated:

June 25, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

US blockchain company Ripple is expanding into solar energy – they aim to invest USD 44m in partnership with Nelnet Renewable Energy, the renewable energy arm of US financial services and tech company Nelnet, into one of the group’s solar energy investment funds.

For Ripple, the company behind the XRP token, the project is to increase the company’s exposure into “socially responsible investing,” demonstrating its “support of the transition to a cleaner and more stable energy future,” they said.

Company representatives point to the ongoing discussions related to the blockchain technology’s carbon footprint as one of the factors behind the latest cooperation.

The solar projects financed by the new Ripple Nelnet Renewable Energy Fund are expected to offset more than 1.5m tons of carbon dioxide over a 35-year period. The statement refers to the goals set by the US Department of Energy‘s Solar Futures Study projection which states that by 2050, as much as 45% of all the US generation needs, or close to 1,600 gigawatts (GW), could be produced by solar.

Nelnet says that, by 2025, the company aims to power the creation, storage, distribution, or utilization of some 1.5m megawatt hours (MWhs) of renewable energy across the country. The group has more than USD 20bn in assets, and services more than USD 500bn in loan assets, according to data from Nelnet.

____

Learn more:
– Six XRP Token Holders to Speak in Ripple-SEC Case as Circle Gets Subpoena
– Ripple Says it Will Pilot a CBDC for Bhutan

– US Utility Mines Bitcoin To Balance Electricity Supply
– Bitcoin Miners, Take Notice – Biden’s Plan Would Remake the US Electricity System

– How Bitcoin Mining Might Help Nations With Domestic Energy Production
– Bitcoin Miners Secure More Nuclear Deals Amid Climate Concerns