Blockchain Green Energy Startup WePower Raises $40M USD in ICO

News | February 5, 2018 By:

Blockchain green energy startup WePower has raised $40 million from 22,933 contributors in its initial coin offering (ICO).

During its presale, the company raised $30 million, $11 million of which came from a public presale round in October 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.

WePower enables renewable energy producers to raise capital by issuing their own energy tokens. These tokens represent energy they commit to produce and deliver. The company said energy tokenization standardizes, simplifies, and opens globally the currently existing energy investment ecosystem. As a result, energy producers can trade directly with the green energy buyers (consumers and investors) and raise capital by selling energy upfront, at below market rates. Energy tokenization ensures liquidity and extends access to capital.

WePower said that it is focused on partnerships with utility companies. Its strategic partners include Elering AS, an independent electricity and gas system operator in Estonia. The startup was also selected to join Australia’s Startup Bootcamp Energy Australia Accelerator (STBC). STBC is the second-largest accelerator program globally and the first to invest in a company driving innovation through token economics. As part of the STBC Energy Australia program, WePower will be supported by some of the biggest energy companies in Australia, including Energy Australia and Spotless.

“We are absolutely thrilled and thankful for the success that WePower has achieved in both its pre-sale and token sale,” said WePower co-founder and CEO Nikolaj Martyniuk. “The interest that we’ve gotten both from our community and potential investors shows the viability of bringing green energy onto the blockchain. Our successful fundraising is just the first step in making the smart grids greener and moving towards a more sustainable future.”