WePower is a project that will allow novice producers of renewable energy sources to get investments through the release of their tokens. And ordinary users will be able to buy and sell "energy" tokens at a price below the market. If possible, connecting to a power plant manufacturer can even get for these tokens a certain amount of kilowatts of electricity. 1 token - 1 kWh of electricity.
In fact, these tokens represent energy that the manufacturer is obligated to provide in the future.
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The energy token operates according to the principle of a smart contract, which indicates:
- Type of energy;
- When energy is produced and delivered;
- The cost.
Thus, the smart contract will become a standard agreement on the purchase of electricity between the manufacturer and the buyer.
Consequently, WePower will simplify the existing relationship between the consumer and the manufacturer in the field of electric power. At this stage, WePower is already working on launching a joint pilot project with the most innovative electric power transmission operator in Europe - Elering.
Why is this necessary?
It is not difficult to attract investments for development. It can be seen that, according to Bloomberg New Energy Finance (BENF), funding for renewable sources has significantly decreased. It is true - after all, banks, private equity funds, and hedge funds dominate the energy investment market. They do not allow anyone to enter this sphere, while they are indifferent to the interests of producers, investors, and end-users.
WePower promises to change the situation. The platform will provide global access to capital for projects specializing in renewable energy sources, free access to the investment of such projects for a wide range of investors, as well as high speed and transparency of the process.
This project can become not just a platform, but a whole ecosystem that will change the sphere of the electric power industry.
The creators have already thought through three main stages of development:
- WePower Breeze - entry to the market;
- WePower Storm - service growth and usability;
- WePower Hurricane - the creation of an entire decentralized energy system.
It is essential that the claimed title of the stages is already supported by the finished demo version of the WePower platform - you can try it out at the official website of the project.
The product is quite professional - and it is not surprising because it is powered by experienced energy experts - Nikolai Martynyuk, Kaspar Kaarlepa, and Heikki Kolk, as well as a group of 12 experienced power engineers and former Skype programmers.
Earlier the team worked on the introduction of the intellectual accounting system throughout Estonia and is the leader in this field. It is noteworthy that John Matonis, the founding partner of the Bitcoin Foundation, participates in the development of the project.
The project is supported by the UN and the Ministry of Energy of the Republic of Lithuania, as well as coordinated with the European regulator.
Information Source: WePower