This Australian Solar Startup Raises $34M in Coin Offering

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Australian-based Power Ledger raised more than $34 million in an initial coin offering (ICO) for its peer-to-peer energy trading platform.

The energy trading startup uses blockchain technology to allow households and buildings to trade excess solar power peer-to-peer. The system tracks the generation and consumption of all trading participants and settles energy trades on pre-determined terms and conditions in near real time.

As part of the offering, Power Ledger offered 140 million POWR tokens for the sale. The tokens generated interest from solar developers, renewable energy projects, retail investors and speculators, Power Ledger said in a statement.

Power Ledger’s energy sharing platform uses blockchain technology to create an immutable record of energy generation and consumption. The Perth-based firm believes that the platform will save the average household over $470 per year.

Power Ledger has formed a partnership with major Australian electricity giant Origin Energy to explore the benefits and challenges of peer-to-peer energy trading across a regulated network.

According to a report in Zdnet.com, Power Ledger also teamed up with renewable energy systems provider Project Brainstorm to bring the benefits of renewable energy trading via the blockchain to Queenslanders.

“Peer-to-peer energy trading presents an opportunity to unlock enormous value for consumers; it disintermediates the energy supply model putting consumers in direct contact with other consumers,” Power Ledger Managing Director David Martin said.

Recently, the Australian Securities and Investments Commission released rules for domestic businesses looking to raise funds through coin offerings.

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