Japanese industrial conglomerate, Marubeni, has just formalised a convertible loan for WePower, a Blockchain-powered renewable energy business based in Lithuania. WePower is also looking to tap into the fast-growing Australian solar and wind power market. Itcarried out an Initial Coin Offering (ICO) in February 2018 ,and raised $40 millionfrom over 22,000 investors which as the chart below shows at one stage it was worth $80 million!
Source: Coin Market Cap
One would have thought that the recent involvement by such an organisation the size of Marubeni, as reported by Reuters, would have had a positive impact on WePower’s token price. However, maybe the question about who owns the equity i.e. do the token holders have equity in WePower may be holding the token price back?
Nevertheless, with increasing demand for renewable energy globally and now the financial backing from one of Japan’s largest organisations, this ought to be good news for WePower. It also demonstrates that not all ICOs are doomed to the annuls of the history books, as WePower looks to commercialise the way it employs Blockchain technology!
For more #DigitalBytes email Jonny.Fry@TeamBlockchain.net