Japanese company Marubeni has invested an undisclosed amount in the blockchain startup, WePower. Based from Lithuania, WePower, offers a renewable energy marketplace that allows for commercial and industrial clients to allocate energy. The platform allows for direct transactions between corporations and renewable energy producers in a frictionless automated way. Customers are also able to sell excess energy on the platform.
The Startup claims that the business sector consumes two-thirds of global energy production. According to the U.S. Energy Information Administration, residential use in the U.S. makes up just 21% of consumption.
In the previous year WePower tokenized energy in Estonia. The project was easily adopted because all households in Estonia have smart meters. Partnered with Estonian power company Elering, twenty-six thousand hours and 24TWh of energy production and consumption data was uploaded to the Ethereum blockchain producing 39 billion Smart Energy Tokens.
The company plans to use this investment to further develop the platform, expand the sales team and enter new markets.