One of the most successful and prominent Australian blockchain startups, Power Ledger, has unveiled the first commercial deployment of its energy trading platform. With this deployment, the Australian startup will partner with Greenwood Solutions, a company that works with renewable energy projects.
Power Ledger Commercial Deployment
With this partnership, Greenwood Solutions will install a number of solar panels in a pre-selected strata apartments and units. In this way, residents will have a renewable energy source and will be hooked into Power Ledger’s platform.
With this platform, users would be able to sell the excess of energy generated from solar panels to other residents that do not have access to renewable energy sources. In times of high or low consumption, users would be compensated for the energy with POWR cryptocurrency.
Power Ledger has been working on a wide range of deals to complete its commercial deployment. In January, Power ledger has outlined a partnership in order to roll out its platform into the United States market.
At the same time, the team is also working in the early stages to roll out the platform in Fremantle. These investments are part of an$8 million Smart Cities grant that the federal government has given.
Another important topic that ICO are facing is how to comply with all the laws in the countries that they operate. Power Ledger has been working on the matter with the Australian Taxation Office so as to clarify how proceeds from ICOs should be taxed.
David Martin, managing director, explained:
“Our consultation is around clarity on how the proceeds of an ICO are treated. If the proceeds of an IPO [initial public offering] are not taxed because they’re treated as equity contributions, should the same thing apply for an ICO? There’s a decision to be made here one way or the other. And it doesn’t just impact on our tax treatment… it could have a broader impact on if ICOs are conducted in Australia in the future.”
The company raised $34 million in October 2017, making it the second largest token sale in Australia as of today.