Just days into participating in EnergyAustralia’s 13-week accelerator program, energy startup WePower has raised $US40 million via an Initial Coin Offering (ICO), the largest ever ICO in the energy space.
WePower can best be described as a KickStarter for green energy projects. Headquartered in eastern Europe, WePower has built a green energy trading platform on the blockchain which allows green energy developers a way to raise capital by issuing tradable energy tokens to the public.
Anthony Wiseman, Head of Energy Products and Solutions , says WePower is representative of the high calibre of the startups recruited from around the world to develop energy solutions for Australian customers.
“WePower is disruptive. It makes renewable energy more affordable and accessible by using Blockchain technology,” Anthony says. “It has the potential to contribute greatly to the clean energy transition for consumers around the world.”
WePower has a two-token system. ICO participants acquire WPR tokens – the formal name for the WePower token – and this gives participants priority access to the green energy auctions on the WePower platform, and to the green energy donation pool.
One token is equal to 1KWh of energy produced from the renewable project. The owner of the token - be it a member of the public or an organisation - has the option of using the energy, selling the energy on the WePower platform before the energy is produced, or selling the energy on the wholesale market after the energy is produced, and receive the energy price in fiat or cryptocurrency.
"To achieve our goals in the energy market you have to have both capital and support from well-established industry players. We are happy to have strong investors and Startupbootcamp support to pursue our dream," says Nikolaj Martyniuk, Co-founder and CEO of WePower.
"To raise $40 million through 22,933 investors buying tokens, they are well and truly on their way to realising their dream to shift energy transition from centralised to decentralised clean energy," says Anthony. “We're really excited to have WePower in our program and look forward to following their progress."
WePower will use the money it raised from the IPO to invest and further develop their partnerships with renewable energy producers and energy companies.
WePower is revolutionising the renewable energy market through providing a platform that allows green project developers a way of accessing capital quickly and efficiently from the public, and in the process bypassing traditional financial institutions.
If you’d like more information, and find out how to get involved, visit WePower's website at https://wepower.network/
And stay tuned for more news and exciting information on our other accelerator program participants.