Power Ledger has received another nod of approval – and free publicity – by making the finals of Extreme Tech Challenge 2018. The start-up’s founders will now head back to Richard Branson’s Necker Island to pitch their business to the British venture capitalist and a panel of judges.
Power Ledger, an Australian blockchain energy trading company, is the only blockchain project amongst the three finalists. The project aims to facilitate peer-to-peer electricity trading on micro-grids.
All transactions on the network use the native POWR token, allowing for almost instantaneous settlement and for shared ownership of generating capacity. The ICO sale raised $34 million between August and October of 2017.
Earlier this month the token price doubled on news that Origin Energy would soon release the results of an independent trial of Power Ledger’s technology. The technology is also being trialled as part government-backed pilot project in Fremantle.
The company now plans to acquire renewable energy assets including batteries and photovoltaic generators. POWR token holders will then be able to buy fractional ownership in these assets and earn income from power generated and sold. The tokens which listed at $0.05 have traded as high as $2 recently.
While hundreds of projects have raised capital via token sales in recent months, very few have managed to demonstrate tangible results to the extent Power Ledger has.