Power Ledger, a Perth, Western Australia-based blockchain-powered peer-to-peer renewable marketplace, closed their AUD$34m ICO.
Over 15,000 buyers took part in Australia’s first Initial Coin Offering, with the main sale following a pre-sale at the start of September that saw the company raise A$17m.
The final amount raised was made up of roughly $17m in US dollars, A$6m in bitcoin, A$10.7m in ethereum and A$0.4m in litecoin. Of the 1 billion POWR tokens that were generated before the token generation event, 350 million were made available for sale.
The company intends to use the funds to build the business, broaden the applications and make some solid inroads in peer-to-peer trading.
Co-founded by MD David Martin and Chair Dr Jemma Green, Power Ledger provides a peer-to-peer market for renewable energy. Using blockchain technology, the platform provides a transparent, auditable and automated market trading and clearing mechanism for residential and commercial businesses to decide who they want to sell their surplus energy to and at what price.
The company has partnered with Bancor, the smart token protocol, that will increase the liquidity of POWR tokens by enabling token holders to trade instantly with the smart contract at anytime and pledged an investment up to $1m to help the Island energy grids devastated by hurricanes Irma and Maria. Power Ledger will provide capital to develop resilient, renewable microgrid networks that protect and empower communities. In addition, they will support the new energy network by providing their energy trading platform without charging transaction fees for its use.