WePower Unveils Australian Energy Trading Platform

WePower Unveils Australian Energy Trading Platform

WePower, the Lithuanian green energy ICO which raised $40 million during its February token sale, has shared with its community a first look at its energy financing and trading platform. The unveiling took place at the Startupbootcamp EnergyAustralia Demo Day. The company also announced that it would be establishing a local team to work on the Australian market.

In December last year, WePower was chosen by Australia’s Startupbootcamp Accelerator (SBC) for its energy track program. Significantly the program comes with support from Energy Australia, one of the country’s biggest energy companies.

WePower’s platform will sit between renewable energy providers, power retailers and customers. Through the platform customers can buy electricity upfront from facilities which have yet to be built, thus financing new renewable infrastructure.

The trading of contracts is also possible through the program. As Mantas Aleks, the chief business development officer at WePower, explained to Smart Company, “if you’ve bought a contract and end up moving to another place or consuming less energy, you can sell those contracts.” 

“Unprecedented in the energy industry”

According to WePower’s co-founder and CEO Nikolaj Martyniuk, the company is trying to build something “unprecedented in the Energy industry.” Taking advantage of the mentoring offered during the program has allowed them to build on their Estonian pilot and “move fast towards realising our mission of accelerating world’s energy system transition towards 100% renewable future.”

Energy Australia executive Andrew Perry was no less excited, saying that the “success of our Accelerator program means delivering reliable, affordable and cleaner energy for all Australians.” For that to happen the company needs “the next wave of innovative ideas” which is why they are “excited to be partnering with WePower.

The Australian expansion comes after an eventful month for WePower which saw it refused a Binance listing (and then receiving one) and the appointment of Peter Diamandis of the X Prize Foundation, and a close friend of Elon Musk, to its advisory board.

Through all the excitement the company has kept its conviction that focusing on renewable energy is not only a moral question but an economic one. Aleks points out that renewable is “where most of the investment is going right now,”  so focusing on that area “is not only the right thing to do, it’s where the world is going.”