Just five months on from the completion of its ICO in which the green energy start-up raised $40 million in what was thought to be the most successful token sale of its kind, the team behind the WePower project has announced the launch of its Alpha product.
The platform – which went live yesterday – will allow traders, investors and energy consumers to participate in auctions of electricity produced from renewable energy sources.
Landmark Step for Green Energy Production
The WePower business model exploits a combination of localised smart grids and blockchain-based distributed computing technology that facilitate the creation of local green energy economies.
In this initial roll-out phase, the company – named by Fast Company as one of the most innovative start-ups of 2018 – has collaborated on half a dozen projects in the Extremadura region of Southwest Spain with leading renewable energy developer Conquista, so far producing an estimated aggregate volume of 300MW of electricity – a capacity that caters for the energy consumption of roughly 150,000 households.
“We are at a pivotal point where we can now enable the shift towards abundant green energy for all,” states Peter Diamandis, a more recent addition to the WePower advisory board who is more popularly known for his close associations with Elon Musk.
On top of its Spanish connections, the WePower team is currently focusing on expanding its partnerships within Australia and Estonia as the start-up seeks to internationalise its green energy smart grid model.