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Marubeni Corp., an important sōgō shōsha or Japanese general trading company, now supports a blockchain-based power trading platform.
According to a report published by Reuters on July 23, Marubeni has granted a loan to London's WePower. According to Reuters, the size of Marubeni's stake in WePower after conversion of the loan has not yet been determined.
WePower would have developed a platform that makes it easier for small and medium-sized businesses to buy energy, particularly from wind and solar sources, through standardized digital power purchase agreements.
The platform aims to unlock tens of billions of dollars in energy production to power smaller projects in the Australian electricity market, which Reuters says is running out of big energy consumers who will buy large quantities over long periods.
The platform based on block chains supposedly helps reduce contract negotiation times and offers more flexibility. Nikolaj Martynuik, CEO of WePower, told Reuters: "The only point of discussion at that point, via the platform, is the price. It takes a lot of complexity. "
In February 2018, WePower raised $ 40 million in one day thanks to its initial offer of coins. In an announcement, the company said its platform allowed solar and wind energy producers to raise capital for projects by selling energy from future projects in the form of chips.
Marubeni has already invested in energy projects based on the blockchain. In February 2019, the company joined a New York start-up blockchain to use this technology in the energy sector.
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