Singapore-based Electrify raises US$30 mln in ICO

March 08, 2018 18:17
Electrify will use new funding to expand its business, eyeing markets such as Southeast Asia, Japan and Australia. Photo: Reuters

Singapore-based startup Electrify has raised US$30 million through an initial coin offering (ICO) as it seeks to expand its retail electricity marketplace business.

The company, using blockchain technology, built a marketplace of retail electricity information, which can collect and display relevant retail electricity offers, a year ago.

Consumers can purchase electricity using an electronic wallet through small independent power facilities such as resident rooftop solar panels and wind turbines, via a smart contract. The prices concerned are all transparent.

The startup recently rolled out a virtual currency called ELEC, aiming to raise US$30 million. It hit the target in under 10 days. 

The amount raised by Electrify's first ICO ranks third among Singapore ICO projects, according to Tech in Asia.

Electrify was funded by individual and institutional investors, including noted early-stage venture capital firm Global Brain and Ethereum co-founder Wendall Davis.

It will use the funding to expand in other markets such as Southeast Asia, Japan and Australia.

Electrify claimed to have completed electricity transactions totaling around US$3.79 million in value. Singapore’s corporations saved electricity worth as much as US$554,000 since the launch of Electrify’s service, according to the firm.

The Singaporean government is set to begin deregulating its electricity market in two phases, allowing individuals and corporations to purchase energy from any electricity retailer.

In the first phase, 108,000 consumers and 9,500 businesses are expected to benefit from the move. If authorities are convinced of the effectiveness of the policy measure, the second phase will begin in June.

This article appeared in the Hong Kong Economic Journal on March 8

Translation by Jonathan Chong with additional reporting

[Chinese version 中文版]

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Hong Kong Economic Journal