Power Ledger, an Australian-based Blockchain company has concluded it’s much publicized Initial Coin Offering (ICO) on Friday 7th October. The company announced on its website that it generated a total of $34 million. This sum included $17 million (AUD) raised earlier in a pre-sales. The ICO has been described as a huge success. Speaking after the pre-sales, Co-founder and Managing Director Dave Martin stated:
[perfectpullquote align=”full” cite=”” link=”” color=”” class=”” size=””]”Demand has significantly exceeded our expectations. As the first Australian ICO, we’ve been breaking new ground, and have been unable to rely on precedent to help us set targets” – Dave Martin (Co-founder, Power Ledger)[/perfectpullquote]
What’s Power Ledger all about?
Power Ledger is a Blockchain platform that allows trading of solar energy between buyers and sellers without a third-party company. Dr. Jemma Green is the Co-Founder and Chair of Power Ledger. In a chat with HuffPost Australia, She explained that Power Ledger was formed with two key concepts in mind: peer-to-peer trading across energy networks and peer-to-peer trading of energy within buildings. Power Ledger uses Ethereum blockchain and operates a dual token system; it uses POWR and Spark tokens. To get more information, read the White Paper and their simple FAQs.
The Token Generation Event
Power Ledger’s Initial Coin Offering tagged “The Token Generation Event” closed on Friday, October 7. In principle, POWRs are created as an ERC-20 token on the Ethereum Blockchain and integrated into Power Ledger as the primary interface token.
Their offering of 190 million POWRs attracted 15,000 buyers and received 27,820 ETH, 1,050 BTC, 6,120 LTC, and $13.23 million (USD). Details were provided by Australian Financial Review.
Dr. Greene was impressed by the support Powerledger ICO got, she gushed, “We are really blown away by the response and interest. It’s quite amazing, those people don’t know us but they really like what we are doing”.
[perfectpullquote align=”full” cite=”” link=”” color=”” class=”” size=””]”We are really blown away by the response and interest. It’s quite amazing, those people don’t know us but they really like what we are doing”. – Dr. Jemma Green (Co-Founder, Power Ledger)[/perfectpullquote]
What to expect from after ICO
Power Ledger is on a mission to empower citizen utilities to trade their surplus renewable power to each other. The success of their ICO will only strengthen their position in the Energy sector and speed up their growth. They are already reaping the early benefits as key players in the energy sector are beginning to take notice. Tesla founder, Elon Musk recently made inquiries about their plan in the energy space. Top Energy provider in Australia, Origin Energy is participating in Power Ledger’s ongoing trial.
Power Ledger has a timeline of planned activities on their website. It’s all about the democratization of power.