WePower announced yesterday the closure of its main sale, barely one day after its opening on February 1st, achieving full hard cap and raising $40m in the process.
The token sale, which has attracted massive media interest, qualified as one of the most anticipated ICOs of recent months. Just under 23,000 investors were able to participate in the over-subscribed sale from a white-list totalling 50 000, itself whittled down from a startling 300,000 registrations. Contributions were limited to 0.2 ETH per investor.
“The interest …shows the viability of bringing green energy onto the blockchain. Our successful fundraising is just the first step in making the smart grids greener and moving towards a more sustainable future,” the company stated in its post-sale press release.
Blockchain Green Energy One of the Hottest Topics Around
WePower’s success is only the latest entry in a series of blockchain-based renewable energy start-ups to register wide-scale interest. Only this week, British outfit Energi Mine completed its own ICO in barely over an hour whilst the US-based Restart Energy ICO itself completed in twenty minutes.
The Blockchain’s promise of delivering revolutionary changes to current energy distribution models may yet have some way to go – these are start-ups after all which have barely completed their fund-raising stages – but they have comfortably overcome the initial hurdles.
WePower seeks to encourage the growth of a large number of smaller energy producers as part of a virtual network by offering upfront capital in exchange for future energy production which is then allocated to owners of the WePower token.