Protocol Labs, Nelnet launch $38 million renewable energy fund

By Wendy Van Sickle

Columbus, Ohio, Feb. 17 – Protocol Labs announced the launch of the $38 million Filecoin NNI Renewable Energy fund, focused on investments in solar energy throughout the United States with Nelnet Renewable Energy Services, according to a news release.

Nelnet Renewable Energy Services has committed $3 million of capital to the fund and will serve as the fund manager over the duration of the investment. The total Protocol Labs and Nelnet investment will finance a portfolio of solar energy projects estimated to generate 50 megawatts of new solar energy capacity, which is currently valued at approximately $130 million.

“Protocol Labs is committed to driving the next generation of the internet, Web3, toward net-zero emissions. A major factor in those emissions is the electricity Filecoin and other protocols currently consume, which comes mainly from the same electric grids that power our homes, offices, and infrastructure,” Alan Ransil, the head of Filecoin Green at Protocol Labs said in the release.

“By investing in solar development with Nelnet, we are both building new generation capacity in this vital public infrastructure system and helping to push the renewable energy transition forward. This supports the responsible evolution of the internet while contributing to the power system as a whole – for the betterment of all.”

Based in San Francisco, Protocol Labs is an open-source research and development lab that builds protocols, tools and services to improve the internet. Lincoln, Neb.-based Nelnet is a publicly traded diversified financial services and technology company focused on offering educational services, technology solutions, professional services, telecommunications and asset management.

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