Power Ledger has raised $17m in the pre-sale stage of its initial coin offering, selling out within 72 hours of being available on the Ethereum network.
The company allows households to trade solar power over the blockchain network to make power more distributed and sustainable.
The $17m came from a public pre-sale of 100 million tokens, called POWRs which was made available on August 27.
This sale comes after the company launched its first commercial deployment of the system in a housing development in Fremantle.
Co-founder and managing partner David Martin said, “Consumers now expect a very different response and engagement with their energy supply: energy supply in the future needs to achieve the dual goals of low cost and low carbon.”
Copyright FinTech Global 2017
