Power Ledger Raises $17 Million in Pre-ICO For Energy Sharesbr>
Australian energy startup Power Ledger has raised $17 million USD in a pre-sale to its initial coin offering (ICO), selling out its 100 million token allotment in 72 hours. The public uncapped sale starts on Friday Australia time, with an additional 150 million POWR tokens available.
Power Ledger aims to use blockchain technology to create a peer-to-peer renewable energy network, trading units of self-generated solar power to energy retailers, who in turn broker it out to utilities.
The POWR tokens can also be converted to Sparkz, a currency used by those in the Power Ledger ecosystem to trade electricity. Power Ledger works with New Zealand utility Vector and also deploys its excess electricity directly to an Australian neighborhood, Fremantle, becoming the first company in Australia to deal with consumers without going through a utility.
Power Ledger also has agreements with Indra Australia and plans to extend to vehicle-charging with energy provider Synergy.
The energy sector has several start-ups vying in the space. Tokyo Electric Power Company investing into Germany’s Conjoule, granting them $3.5 million USD, while such companies as Drift, Grid Singularity and Electron are also vying for allegiances.