Press "Enter" to skip to content

$30 million ICO for Private Energy Provider

0
(0)

Romanian energy provider and franchisor Restart Energy plans to boost its renewable energy production capacity with new acquisitions in the country to support the expansion of its blockchain-fuelled, peer-to-peer, fully decentralized energy transfer platform, which it intends to launch by the end of 2018.

“While we have already substantially increased our renewable energy power production capabilities, as per our whitepaper, we aim to further improve this to 10 MW, in the not too distant future,” said Armand Domuta, CEO of Restart Energy.

“This will be made, of course, to strategically ensure the safety of our ecosystem and the smart use of the funds raised as we’re planning on entering over 40 countries in the next five years, including the United States, China, Canada or Australia,” the CEO added.

In February, the company raised $30 million (25.6 million euro) in a Token Generation Event (TGE), which it is using to finance its blockchain-powered platform Restart Energy Democracy (RED). A TGE is an event within an ICO (Initial Coin Offering) by which a company creates a token which is to be sold to investors and then listed on an exchange.

The two year-old company made its first steps towards raising its renewable production capacity by signing preliminary agreements to buy six solar and two hydropower plants in Romania.

By the end of the year, it plans to sign deals for the purchase of three more hydro-power plants and to develop a 5 MW geothermal turbine, a project 75% financed with the proceeds from a EU grant.

“All production assets that Restart Energy acquires will be fully geared towards our RED Platform,” said Domuta, who has been developing renewable energy projects for nearly a decade.

Domuta also said that after creating Restart Energy in 2015 and making it the fastest growing private energy supply company in the EU, he felt that there is unexplored potential in blockchain funding.

In just two years after its launch, the company has reached 37,000 clients in Romania, growing at a rate of 2,500 clients per month in the first quarter of 2018. Also, it has 300 franchisees in Romania and this year it opened its first branch outside Romania – in Serbia, and has registered in Singapore and the UK.

Domuta said that Restart Energy will bring in $100 million in revenue in 2018 – a five-fold increase over last year, according to a forecast based on market trends, economic climate and previous history. The company’s revenue rose to $20 million in 2017, from $5.45 in the prior year.

“Our use of blockchain technology will provide multiple benefits to our users. It will ensure a safe and transparent marketplace for consumers, producers and prosumers [a person who consumes and produces a product]. It also eliminates a multitude of administrative costs,” the CEO said.

Also, he added, the blockchain technology enables the company to issue green certificates to end-users rather than to producers, making green energy more attractive to everyone and thus accelerating worldwide adoption of renewable energy.

Restart Energy is part of Timisoara-based Armand Group, controlled by Domuta.

In March, Restart Energy signed off on the pre-agreement to start the acquisition of six solar parks located in Izvorul (Dambovița county), Prundeni (Valcea county), Brosteni (Dambovita county) and Tureni (Cluj county). The two hydroelectric power-plants will be purchased from hydro power producer Hidroprod after due diligence procedures are completed.

 

_______________________________________________________________________

HedgeCulture  is the leader in blockchain news and a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. HedgeCulture is an independent operating subsidiary of HedgeCulture Group, which invests in cryptocurrencies and blockchain startups.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *