Perth, Western Australia – 25 August 2017 – Power Ledger, a leading peer-to-peer marketplace for prosumers and consumers to trade renewable energy, backed by the biggest energy providers in Australia, have announced that strong pre-sale interest in their token generation event could see Australia’s first initial coin offering (ICO) achieve a total valuation for their POWR tokens of approximately $100 million.
The token generation event is part of a growing trend in which creators of digital currencies in the blockchain space sell tokens to the public to fund their projects. Unlike other ICOs, Power Ledger’s energy trading platform is fully commercially deployed and supported by leading energy providers such as Vector NZ and Western Power WA with opportunities further afield in US and Europe.
Active cryptocurrency investor, Ian Balina was recently quoted as saying Power Ledger’s token sale is good value for investors whether the company raises $30m or $90m.
There is strong interest in the company’s pre-sale which starts on Sunday 27 August 2017 2PM Western Australia time (06:00 UTC), from both the cryptocurrency community as well as energy providers looking to secure POWR tokens in order to trade on the platform. The first 100M tranche is being made available to the public at a set price.
While there is no minimum purchase for participation for the pre-sale, the company has applied a US$25K maximum spend. Such a limit, known as an “anti-whale” provision, aims to ensure that larger buyers with deeper pockets do not dominate the sale, enabling broader participation and minimizing the risk of potentially destabilizing network dynamics.
Up to a further 250M POWR tokens will be released in an uncapped Token Generation Event in September. The uncapped event means that market demand will determine the sale end price of the 250M POWR tokens on offer.
“The overarching aim of our Token Generation Event has been to interact with the community and raise awareness and funds to support the rapid market development of a global Power Ledger platform,” said Co-founder and Managing Director, David Martin.
“We want to spread the tokens far and wide, allowing as many potential future users access to them from inception and creating a diverse and powerful network. We believe that literally giving power back to the people will catalyze the movement towards peer-to-peer renewable energy trading, which lies at the core of Power Ledger.”
Some high profile early investors are already on board, including Bill Tai, the prominent Silicon Valley venture capitalist who also serves as the company’s Board Advisor, and who co-hosted the Third Blockchain Summit on Necker Island with Sir Richard Branson earlier this year.
Power Ledger’s Token Generation Event provides both individual and institutional buyers with the opportunity to participate in the company’s blockchain energy ecosystem, by purchasing POWR tokens. POWRs will be tradable on public blockchain platform Ethereum, and can also be converted to SPARKZ – tokens that can be traded for units of electricity on Power Ledger’s private blockchain.
Power Ledger’s blockchain-enabled platform creates peer-to-peer renewable energy marketplaces. Participating in such a marketplace enables consumers, strata holders and property developers who generate renewable energy, to buy and sell surplus energy to and from their neighbours.
The platform is already developed and live in commercial settings in the Australian market; furthermore, the company has also invested heavily in global strategic relationships and with key players in the Australasian energy and property sectors. Funds raised will be used to continue the company’s expansion, including forays into India and other emerging markets where gaps in existing energy infrastructure see rapid adoption of distributed wind and solar energy solutions.
“We have been and remain the global leader in this technology space, and our platform is already changing the face of renewable energy trading in a number of communities,” said Martin. “We see our Token Generation Event as an exciting opportunity to bring democratic, peer-to-peer renewable energy marketplaces to many more countries across the globe.”
For more information on Power Ledger and their planned Token Generation Event, visit https://powerledger.io/ or join the Telegram group here.
