The future of solar energy might be in space. And some of the most legendary venture capital investors are getting behind it.
What’s happening:
- Space solar power startup Aetherflux has raised $50M USD in a new Series A financing round
Why it matters:
- Aetherflux is aiming to develop some of the world’s first satellites in low Earth orbit that are capable of capturing sunlight and turning it into electrical energy that is then transmitted through infrared laser beams
Going deeper:
- Aetherflux was founded by Robinhood (NASDAQ: HOOD) co-founder Baiju Bhatt, who also seeded the company with an initial investment of $10M USD
- Multiple prominent venture capital funds participated in Aetherflux’s latest funding round, including Index Ventures, Breakthrough Energy Ventures, a16z and notable angel investor Jared Leto
The intrigue:
- The United States Department of Defense has also committed to provide funding to Aetherflux to conduct a proof-of-concept demonstration of their satellite technology
