SunContract Project Report

How Token Sale Funds Have Been Used

Dear SunLovers,

Transparency is one of the main reasons why our project embraced the technology that is blockchain. We were unhappy with the lack of transparency in energy and were determined to make a difference in this space.

We believe that transparency breeds trust and this extends to customers, community members, and anyone who interacts with us on any level. So, while it is important for us to maintain a certain level of privacy, we are happy to disclose some information on the financial position of the project.

Token Sale

SunContract went into token sale in July 2017 and raised 8,732 ETH ( approx. 2M USD) which was allocated for development and implementation of a Trading Market as shown from a snippet of our whitepaper above. Here is how the funds raised were and will be spent:

2017

In 2017, USD $560,000 went towards the following activities:

2018

In 2018, USD $1.2M went towards the following:

2019

So far, in 2019, USD $300,000 has been spent on upgrading the platform to full functionality as well as our recurring expenditures of legal fees, operations, marketing and additional dev work. We anticipate that we will be spending an additional USD $240,000 this year for the implementation of Flexibility Market and new services. So to sum 2019 expenses up:

Where does this leave us?

At this point you’re probably wondering, is the project out of funds? The answer to this is a resounding “NO”! While token sale funds were the team’s gateway to implementing the SunContract project, the funds we received at the time of token sale were not our only source of funding. SunContract Project has received funding from R&D sponsors in the European Union, as well as from partners.

Additionally, we have been in operation in Slovenia, Europe Union, from April 1st 2018. Below are the returns:

Electricity sales

In 2018, we signed electricity contracts amounting to USD $1,112,000.

We’re pleased to announce that our electricity sales in Q1 2019 (Jan- Mar), have since increased by 20% to USD $1,344,000. We anticipate that we will triple 2018 electricity sales by end of year, in Slovenia alone. It’s important to note that plans are underway to also enter new markets.

Revenue increases in Q1 2019 by 20%

Self Sufficiency Products

In 2018, our sales of self sufficiency energy products (solar panels, heat pumps etc) amounted to USD $672,000. In Q1 2019 (Jan-Mar) alone, we have already doubled these sales to USD $1,300,000.

2020 — Onwards

We anticipate additional funds from our R&D sponsors and partners. Additionally, with new markets, an increase in customers in existing markets and new services that we will be rolling out, our revenue streams are set to increase significantly over the next few years. Projections are at this time private information.

We will continue to update our community on new developments, revenue growth, as well as new services and partnerships. However, we do request that our community also respect our decision not to disclose strategic information. Until next time, SunLovers! 👋