January 22 (Renewables Now) - KWHCoin, the California-based blockchain-based energy company, on Friday confirmed February 8 as the date for the launch of its Initial Coin Offering (ICO), and said it has raised USD 1.1 million (EUR 899,000) in a pre-sale.
The ICO was previously planned to launch on January 25, but the company delayed it so as to be sure it is fully prepared from a marketing and technology standpoint. KWHCoin also wanted to double check that all necessary measures had been taken to address any future security and fiduciary concerns.
KWHCoin is building a blockchain-based renewable energy platform -- The Grid, which will allow anyone around the world to trade renewable energy. The company says its focus is on serving the "edges" of the current energy economy, such as residential solar, electric vehicles (EVs), microgrids, and wind farms.
The KWHCoin native tokens (KWH) are backed by distributed energy source generation. Total of 195 million KWH tokens will be created to start an "advanced decentralised renewable energy economy".
Total of 10% of the ICO proceeds would go directly to fund microgrid and off-grid projects in Africa, South America, Southeast Asia, and the Caribbean.
"KWHCoin has been developed for mass adoption and is designed to become the leading digital currency for the emerging Internet of Energy," said CEO Girard Newkirk. "By lowering the cost of renewable energy transactions, KWHCoin will allow renewable energy to expand and bring newfound power to the farthest reaches of the world."
In late December, the company raised USD 1.1 million in a two-day pre-sale that attracted clean energy advocates and cryptocurrency enthusiasts.