WePower has teamed up with various energy industry actors and producers in Estonia to design a full cycle tokenized energy ecosystem, from industrial production to consumer consumption, on blockchain.
WePower, the blockchain based green energy trading platform, announces today that it has completed a round of partnerships that will enable a full cycle blockchain-based energy trade across the country. This marks a significant step in showing both the importance and vitality of blockchain technology to energy sector on a meaningful scale. On February 1 2018, WePower successful raised $40 million, making it one of the most demanded blockchain projects of the year.
Estonia has been at the forefront of digital innovation for a number of years now. In December 2014, Estonia has launched its E-Residency program, which created an opportunity for anyone with an internet connection to gain access to company formation, banking, payment processing and other government services that were only available to its physical residents before. In 2016, it has completed the first nationwide rollout of Smart Metering systems and in this way brought their power grid fully into the digital world. More recently, Estonia has started driving towards crypto adoption with an intention to release its own coin estcoin and in this way attract an emerging crypto business community to use Estonian e-services.These activities have created a unique development environment for WePower to fully test a holistic energy trading ecosystem at a country-wide scale.
WePower has made three strategic partnerships with energy companies in Estonia that will allow for the nationwide adoption of a blockchain based green trading ecosystem.These partnerships span the energy sector from production, through transmission and to consumption:
- Elering AS – An independent electricity and gas system operator in Estonia have signed an agreement to launch a pilot project to test the large-scale tokenization of Energy data on the blockchain in Estonia. WePower will integrate its blockchain and smart contract powered green energy trading platform into Elering’s Estfeed data exchange platform. This will form a first of the kind proof-of-concept system for Estonia, demonstrating nation-state scale tokenization of energy consumption and production data on the blockchain;
- 220Energia – WePower and 220Energia have signed a Memorandum of Understanding (MoU) to work together to explore using blockchain technologies for the cross-border sale of retail energy in Europe. Both companies will work on offering a new type of digital product to consumers. With the help of energy tokens consumers will be able to choose what type of energy to buy;
- Eleon – The Estonian-based wind power technology company has signed a MoU with WePower to start working on a windmill installation financing model using WePower platform; test the existing Eleon windmill integration with the WePower platform in Estonia; and explore further partnership models and ways how to create custom plug-in type windmills for the WePower platform.
These three partnerships will allow Estonia, with the help of WePower, to test blockchain technology’s ability to bridge different elements of its energy sector, from production to consumption, creating a whole new level of transparency and global capital flow opportunity into the green energy development. Elering will help connect energy production tokenization with the energy supply infrastructure; Eleon, will help WePower test energy tokenization on the energy production side; and 220 Energia, will help develop tailored retail energy solution and services needed to have the tokenized energy bought and traded.
WePower has chosen Estonia as the testing ground for a national blockchain based energy system, as the country already has the infrastructure for a fully integrated solution across the whole value chain. Estonia offers both proclivity to digital innovation, cryptocurrency and the values that blockchain brings, as well as key partners that are willing and ready to work with WePower.
“WePower has shown that green energy and sustainability are some of the most supported challenges by communities across the globe that blockchain can solve,” said Nikolaj Martyniuk, Co-Founder and CEO of WePower, “We are excited to implement our technology into Estonia’s smart power grids, as it is a perfect case for new energy system testing with findings applicable in Europe and beyond. Our partnerships there will help develop the world’s first nationwide tokenized energy system, a huge step in blockchain based green energy adoption.”
WePower is a blockchain-based green energy trading platform. It helps renewable energy producers to raise capital by issuing their own energy tokens. WePower connects energy buyers (end users and investors) directly with the green energy producers and creates an opportunity to purchase energy upfront at below-market rates. Energy tokenization ensures liquidity and extends access to capital. WePower wants to help build an infrastructure to bridge renewable energy producers output and traditional energy grid operators thus making the grid a little greener.