WePower, a Vilnius, Lithuania-based blockchain-based green energy trading platform, raised $40m during its ICO.
22,933 contributors participated in the ICO. During its presale, WePower raised $30 million, $11 million of which came from a public presale round in October of 2017 and $19 million from strategic investors and funds. Some of the committed partners and investors from the presale include: Galaxy Investment Partners, DNA Fund, BlockchainIL, LDJ Capital, Science, OGroup / Kryptsu, PrimeBlock Capital, AlgoLedge, Connect Capital, and Everblue Capital.
Led by Nikolaj Martyniuk, Co-Founder and CEO, WePower creates opportunities for green energy developers, such as solar or wind plant builders, to raise capital by selling future energy production upfront in the form of energy tokens.
The company has already announced strategic agreements with Elering AS, an independent electricity and gas system operator in Estonia, the Ministry of Energy of the Republic of Lithuania, 220 Energia, and Spanish/Italian energy companies such as Conquista solar, Civitas project and Novacorex. These energy providers will work with WePower to develop a new generation energy ecosystem where green energy financing is global, lean and economically beneficial to all parties involved.
Aside from a smart contract-based financing mechanism, the company’s technology also creates an opportunity for a transparent green energy accounting.
WePower operates a distributed open ledger, which records when and in what volumes green energy financed on the platform was produced and supplied into the grid. At the moment, such accounting is based on instruments as paper certificates.