Renewable energy company Fuse announced the completion of a $12 million strategic financing round, led by Multicoin Capital.
Powered by ChatGPTAccording to Coindesk's report on September 13, TechFlow, a subsidiary of Shenchao, announced the completion of a $12 million strategic financing round led by Multicoin Capital, for renewable energy company Fuse. This brings Fuse's total funding to $90 million. The company plans to use this funding to launch Project Zero, a decentralized physical infrastructure network for renewable energy called DePIN. Project Zero will incentivize participants to produce renewable energy, shift electricity demand to renewable energy periods, support electric vehicle usage, and install more distributed energy resources through a token reward mechanism.
As a comprehensive energy company, Fuse provides Distributed Energy Resources (DER) installation, electricity trading, and retail electricity services. Currently, the company manages an installed capacity of 18 megawatts, with an additional 300 megawatts of renewable energy projects under construction. Fuse's subsidiary, Fuse Energy, is a vertically integrated electricity retailer. CEO Alan Chang stated that Project Zero aims to drive energy transformation through an open network, encouraging global cooperation. Tushar Jain, Managing Partner at Multicoin Capital, believes that Fuse is fundamentally reimagining the retail energy supply chain, committed to providing cheap and clean energy on a large scale.