Singapore’s first retail electricity marketplace, ELECTRIFY announced on Wednesday over USD 30 million raised from both institutional and individual investors through its recent token sale. The funds raised will help drive company growth, staff recruitment, development, as well as the company’s priority: expansion into markets outside of Singapore, including Southeast Asia, Japan and Australia. ELECTRIFY aims to use peer to peer distributed ledger technology to leverage increasing electricity market liberalization in Singapore and other areas of the world by offering more options to manage energy costs, as opposed to purchasing from the government at regulated tariffs.
ELECTRIFY’s Marketplace 2.0 system will allow consumers to browse and purchase electricity from a variety of providers starting in the second half of 2018, stated the company. ELECTRIFY smart contracts will connect to digital wallets that facilitate bill payment and platform services fees.
CEO and Co-Founder of ELECTRIFY Julius Tan said, in a statement, “Countries across Southeast Asia are starting to liberalise their electricity markets. By aggregating retail electricity offerings on our platform with our proprietary pricing engine and blockchain solution, we bring better-informed choices at more affordable prices to the consumer. We are truly delighted and heartened by the amount of support shown by the energy industry, and look forward to the positive impact our platform will make for millions of lives in Asia.”
The company benefits from development support from strategic partners and investors including CEO of OmiseGO Jun Hasegawa, Ethereum Co-founder Wendell Davis, and Japanese VC Global Brain.
ELECTRIFY COO and Co-Founder Martin Lim stated, “Our vision for ELECTRIFY is to build a better and smarter electricity network, and it starts with an intelligent energy ecosystem. Built on the tenets of blockchain, our solution will drive down operating costs, ensure the transparency of contracts, and also speed up and streamline contract validation and auditing. As retailers become more efficient, we foresee this translating into greater cost savings and convenience for consumers across the Asia-Pacific market.”
To learn more about ELECTRIFY, visit https://electrify.sg/.