WePower Draws in Thousands of Users With New BC Platform

Nikolai Martynuik, WePower’s Chief Executive Officer stated that its new blockchain platform saw a few thousand sign-ups by users in just a few hours following its launch. According to him, those that were applying to the blockchain platform were attempting to cut down on large electric bills. The company is also attempting to form partnerships with other corporations and sign deals to purchase electricity from them. 

The Launch

WePowers alpha version was launched in July following intricate security measurement and testing customer protection. The blockchain is an energy trading platform and will house auctions on delivery from Spanish solar energy dealers. As of now, the platform is constantly adding new features and operations for its users. The “auction house” was the first feature to be available and aims to invest in and finance three hundred MW of solar energy. 

One Spanish solar power developer, Conquista Solar, will be joining the platform as a means of funding the first in a series of six power plants and boasts incredible irradiation, among the best in Spain. WePower said that the solar company will be producing and distributing its own native coin and each will be worth 20% in energy production from the six power plants, contributing one kilowatt an hour for later production and the company will implement the price of its token.

An auction will be held in November and participants will begin seeing their purchases of power in 2019. Those that have placed bids and purchased energy can sell their own coins to different users or hold on to the purchased energy. Additionally, those possessing power can sell it to the energy markets in Spain for cash as opposed to other tokens. The CEO attributed the platforms token trading feature as what distinguishes the company from others within the country. 

Regulatory Block 

Around 12 stand-alone companies emerged to produce energy due to several regulations placed solar self-consumption. This resulted in green energy at a much lower price. Co-op members purchasing energy cannot resell it to other companies or individuals.

The CEO then explained that the co-op project struggles with each additional power plant, given that each one must be crowed funded individually. On the other hand, WePower can provide the assets for funding with its token.

The companies first initial coin offering earlier this year saw gains of $40M and aims at providing one gigawatt in its first year. An initial trial with Elering, a distributor in Estonia. WePower will merge its tech with the Estfeed exchange from Elering and beginning trials on a national consumption of power and its tokenization. 

WePower’s head executive stated that digital contracts are expected to be available by the end of August although Australia will be the company’s priority. The company is collaborating with a gas and power supplier, EnergyAustralia and is focused strictly on Australia for now.

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