Energy blockchain startup WePower announces the preview of its blockchain-based green energy trading platform
The world will soon run out of fossil fuels. The question a lot of people are asking is, how long will fossil fuels really last? It is argued that oil will run out in 53 years, natural gas in 54, and coal in 110. Regardless of how long they last, we cannot afford not to take action to reduce our dependence of fossil fuels. That is why government and private companies are investing in green energy. However, green energy is not without its own set of challenges. Some of the green energy challenges include economic viability and accessibility.
That is why the founders of a blockchain-based startup, WePower, are trying to address these challenges by providing a solution to some of these challenges by providing a network where it will be easier for everyone to participate fairly. Those who buy green energy, produce green energy, and invest in green energy can come together through a decentralized system. The startup fuels renewable energy production by enabling developers to raise capital by selling their energy production upfront in the form of tradable Smart Energy Contracts.
Today, WePower announces that it has begun sharing with its community a preview of the WePower Energy financing and trading platform. This first look at the Alpha version 1 of the platform was unveiled during the Startupbootcamp EnergyAustralia Demo Day. WePower also announced it will continue working on entering the Australian market by establishing a local team and closely interact with European teams and mutualize development.
Founded in 2017, WePower is a blockchain-based green energy financing and trading platform. It helps renewable energy producers raise capital by issuing their own smart energy contracts. WePower connects energy buyers (end-users and investors) directly with green energy producers and creates an opportunity to purchase electricity upfront at or below market rates. Energy tokenization ensures liquidity and extends access to capital. WePower wants to build an infrastructure to bridge renewable energy producers output and traditional energy grid operators thus helping to accelerate world’s transition towards 100% renewable energy future. For more information visit wepower.network
WePower’s Smart Energy Contracts are digital self-settling power purchase contracts. These contracts represent the amount of energy that a powerplant is planning to produce in the future and how that energy is distributed between the investors. These contracts are tradable and can also be liquidated into the local energy wholesale market. This is achieved by linking digital contracts with power grid data on blockchain.
WePower also gave its Community a development update. The objectives for the Alpha version 1 public release are: complete tests with a limited number of token holders, start registering renewable energy producers in Spain and Australia and start registering potential energy buyers. The goal is that the Alpha version 1 of the platform should be ready for public testing in June 2018 and the Alpha version 2 is planned for September 2018 the first energy auction by November 2018.
WePower will operate in Australia as a technology layer connecting renewable energy producers with retailers and customers. This will allow everyone in Australia to connect to the WePower platform and benefit from transparent, flexible and affordable renewable energy. Development will also bring WPR tokens application to the masses. WePower will start testing with EnergyAustralia and its 2.6 million customer accounts.
“We have been very busy working towards the Demo Day event with EnergyAustralia and other program mentors to structure our business and product approach tailored to the Australian energy market. What we have set out to build is unprecedented in the Energy industry. Being able to work together with the experts in Australia combining knowledge gathered during the Estonian pilot helps us to move fast towards realizing our mission of accelerating world’s energy system transition towards 100% renewable future.” said Nikolaj Martyniuk, co-founder and CEO of WePower.
“For EnergyAustralia, success of our Accelerator program means delivering reliable, affordable and cleaner energy for all Australians. We’re looking for the next wave of innovative ideas to make that happen. That’s why we’re excited to be partnering with WePower; a progressive startup at the forefront of blockchain platform technology.” said Andrew Perry, Energy Australia Executive, NextGen