Power Ledger Token Generation Event Closes With A$34million Raised

Power Ledger, the peer-to-peer market for renewable energy, has raised A$34,146,854 through its Token Generation Event, which closed on Friday 6th October at 3pm Australian Western Standard Time (AWST).

Over 15,000 buyers took part in Australia’s first Initial Coin Offering, with the main sale following a successful pre-sale at the start of September that saw the company raise A$17million in just 72 hours.

The final amount raised was made up of roughly $17million in US dollars, A$6million in bitcoin, A$10.7million in ethereum and A$0.4million in litecoin. Of the 1 billion POWR tokens that were generated before the token generation event, 350 million were made available for sale.

The company will announce a distribution date for the tokens as well as the exchanges they will be listed on soon. While the main sale was taking place, Power Ledger announced a partnership with Bancor, the smart token protocol, that will increase the liquidity of POWR tokens by enabling token holders to trade instantly with the smart contract at anytime.

Power Ledger Co-founder and Chair Dr Jemma Green said: “We have been blown away by the response and interest. When we set out to launch Australia’s first ICO, we wanted to make sure any potential contributors knew exactly how we would use the funds to develop our blockchain-based energy trading platform. The response has shown that, even though they don’t know us, they really like what we are doing.”

During the token sale, Power Ledger also announced two new major deals that have undoubtedly added to the momentum of the main sale. The first, with Origin Energy in Australia, that will run until the end of 2017 and see customers using the Power Ledger platform to either buy or sell excess energy. The second with Tech Mahindra in India, which will see Power Ledger’s trading platform used in conjunction with microgrids at sites across India and will run for 12 months.

Power Ledger co-founder and Managing Director David Martin commented: “These funds will enable us to build the business, broaden the applications and really make some solid inroads in peer-to-peer trading. We made it clear in our whitepaper how the money would be used and the recent new trials we’ve announced go to show how this business is growing.”

This whitepaper, which had been translated into 10 languages by eager contributors, outlined a series of milestones on the development roadmap. In 2018, these include the transition to a modified fee-less consortium Ethereum network and the first asset germination event, where POWR token holders will be able to become co-owners and beneficiaries of renewable assets.