Ripple joins forces with Nelnet in $44 million deal

The investment aims to reduce U.S. carbon emissions by more than 1.5 million tons over the next 35 years.

Ripple, the company behind cryptocurrency XRP, has entered into a strategic partnership with clean energy company Nelnet Renewable Energy, which aims to invest in solar projects in the US and help reduce the country’s carbon footprint.

In a press release released Monday, the two companies announced that they are jointly investing $44 million in the project, with Ripple providing the bulk of the funding.

Reducing the carbon footprint

Ken Weber, head of Ripple’s social impact division, noted in the statement that clean energy is important not only for economic growth around the world. In his opinion, a sustainable future across the board depends on renewable energy projects.

“With the proliferation of cryptocurrencies and blockchain, it is obvious that this technology will form the basis of our future financial systems”, so Weber.

The partnership allows Ripple to continue its commitment to reducing the carbon footprint of the global financial services industry, with the goal of reaching carbon negative levels in the crypto sector.

Scott Gubbels, the managing director of Nelnet Renewable Energy, welcomed the partnership with Ripple as one that will improve clean energy generation and provide various other benefits in the United States.

“Investments like this contribute to job creation, provide the market with competitive energy and promote sustainability for years to come”he said.

According to the press release, the joint venture is aimed at financing solar projects capable of offsetting at least 1.5 million tons of carbon dioxide over the next 35 years. This equates to the reduction in CO2 emissions of 154 million gallons of gasoline, Ripple and Nelnet added in the statement.

Ripple continues to make a name for itself in the financial services market by partnering with several global companies to enable fast and cost-effective cross-border payments and transfers. The company, which is still facing a lawsuit from the SEC over its XRP sale, has also made progress in the race for cryptocurrencies that are 100% clean energy based.

This also includes involvement in the Climate Agreement group and partnership with the Energy Web, the latter from 2020.

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