ICO by Australian Energy Startup Power Ledger Raises AUD 34 Million

Blockchain-based peer-to-peer electricity trading platform Power Ledger has announced the completion of its ICO, which raised $34 million AUD. In total, over 15,000 contributors from across the world took part in the POWR Token Generation Event.

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The team had this to say after the event: “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 a lot of people believe in our vision and ability to execute, and we couldn’t be more humbled by that.

The next few months won’t be any less busy for the Power Ledger Team, we will be getting back to focusing on growing demand for the Platform and developing its Applications.”

Finance Magnates recently interviewed Dave Martin, the MD of Power Ledger, to talk about the project.

Last month  Mumbai-based conglomerate Mahindra and Power Ledger announced a series of trials to bring energy microgrid technology to India’s urban population, via Microgrid-as-a-Service.

The trial will initially involve Power Ledger using consumer data from Tech Mahindra’s sites to prove the accuracy and security of the former’s trading platform. This will also help Tech Mahindra to explore the value proposition for consumers and understand the regulatory and technical implications of the peer-to-peer trading model.

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