A blockchain startup from Australia, Power Ledger won the Extreme Tech Challange (XTC) 2018 of business magnate Sir Richard Branson, as per the reports from Australian news channel Nine News.
XTC whose previous finalist include Vantage Robotics and Doctor on Demand aims to provide the right tools to the entrepreneurs to help them build their product. Power Ledger received endorsement worth in millions of dollars in a ceremony organized this weekend t Branson’s Caribbean island.
Launched 2016, Power Ledger raised $34 million AUD through their ICO the following year has a plan to provide peer-to-peer electricity to people through the technology of blockchain. Co-founder of Power Ledger, Dave Martin noted that their success proves that people and care about clean energy. Albeit the endorsement, the project will also receive guidance from tech giants such as Amazon and IBM.
The top 10 finalists for XTC were announced on January 2018 and it took the judges nine months to decide the winner. In this period Power Ledger implemented its solution and initiated applications with different aspects. Laster in August, the company with BCPG, an electric power generation company began testing power trading in Bangkok’s T77 precinct. In the trial, residents are allowed to buy and sell the excess renewable energy via blockchain technology.
Martin said, “(On) both sides of the United States we’ve got energy trading occurring within utilities… and we’re working with Silicon Valley power and the city of Santa Clara to develop a carbon trading derivative platform,” and adding that it was a “massive endorsement” as well as an honor for them to get the support of Branson.
Through a press release today, the company also announced their latest product, Asset Germination event (AGE) token. It’s a security token and it’ll be shared among retail investors with renewable assets of energy. Through the token Power Ledger aims to encourage people to invest and share their profits over a decentralized network in clean energy.