Company Behind UK’s First Blockchain Green Energy Transaction Announces ICO

Company Behind UK’s First Blockchain Green Energy Transaction Announces ICO

Verv, the company behind the UK’s first blockchain green energy trade transaction, has just announced its upcoming main sale, scheduled for May 28th. 

Whilst there is a current pre-sale, participants require white-listing and are expected to make a minimum contribution of least 55 ETH. 

Successful Field Trial Transaction 

Recorded on Etherscan on April 11, the project team ran its first field-trial transaction – involving one kilowatt-hour of solar electricity generated from the roof panels of an apartment block whose energy was subsequently transmitted to another in Hackney’s Banister House Estate in London.

The trial comes just five months after the company launched its energy smart hub, the infrastructure which helps to facilitate its peer-to-peer energy trading platform. 

Supported in part by Government grants, the project is a member of the Repowering London initiative, which aims to formulate a framework for encouraging the growth of blockchain-based clean energy production, with a specific remit of providing cheaper energy within the social housing sector.

Commenting on the recent success Peter Davies, the CEO and founder of Verv, said “We plan to use the results of this trial to roll out more energy trading communities across the UK and in turn globally.”

With a roadmap that forecasts further U.K. adoption this year and international integration in early 2019, the project expansion will involve the sale of VLUX (VLX) tokens through an ITO to be used as a utility within the Verv energy ecosystem.