Another week, another exciting development at WePower!

At the European Union Energy Day event in Abu Dhabi, our partnership with 220 Energia has been announced. 220 Energia is an electricity retailer operating across a number of countries in the Nordic and Baltic region. This development marks a continuation of WePower’s platform testing and adoption across the whole energy sector value chain.

The key areas of this partnership, which are also outlined in the copy of the Memorandum of Understanding (the — MoU) attached below, are focused around finding ways to:

1.implement blockchain technology for financing the residential solar projects;

2.match and deliver the tokenized energy from power plants to token holders.

In other words, we will be working on defining and testing WePower’s application in a real consumer to consumer energy trading scenario. Our finding will pave a way into the future where any household with good environmental conditions for solar energy will be able to finance their energy generators easier as well as where any energy consumer will be free to choose what type of energy they want to buy from the market.

This partnership is also a stepping stone from our technological development perspective. Once we complete our technical pilot with Elering, we will be able to quickly move towards offering retail energy packages on the market and in this way support the consumption of tokenized energy. With this partnership we will be able to complete our goals faster and use the case to continue our business expansion through partnerships across Europe and beyond.

“When we started WePower we did not plan to enter the household market until 2020. However, this partnership with 220 Energia allows us to expand our platform adoption scope and move towards our goals faster. This essentially means that we will be able to tokenize and trade energy produced not only by large renewable energy producers but also by any household with a solar panel on their roof or a windmill in their backyard” — Nikolaj Martyniuk, CEO and Co-Founder of WePower.

220 Energia is an ideal partner for us. The company is well established with strong experience in energy retail market across different countries. They have a strong eagerness to innovate and are very keen to drive green energy adoption. As a matter of fact, 220 Energia today buys 67% of electricity from renewable energy sources, which are produced using both Estonian biomass, landfill and biogas, wind and solar energy, and hydropower. We are confident that our work with 220 Energia will serve as an informed blueprint for other energy retailers.

“We aim to use digital technologies to help customers make better everyday energy decisions that help save them money and lower their environmental footprint. We are always looking out for new opportunities. I am glad to partner with WePower to explore the new opportunities that blockchain can bring to the table.“ — Peeter Pikk, Board member, 220Energia.

Peeter Pikk, Board member of 220 Energia at The European Union Energy Day event in Abu Dhabi

At WePower we have always believed in innovation driven through partnerships and utilization of the currently existing energy systems.

Earlier, we have started working with an innovative energy transmission services operator. As of today, we are starting our cooperation with an energy retailer.

With the overwhelming support and constantly evolving partnerships, we are confident that we are on the right path.