Richard Branson’s Extreme Tech Challenge Awards Power Ledger Blockchain Project as Winner
Power Ledger Wins Sir Richard Branson’s Extreme Tech Challenge
Australian news channel Nine News has recently reported that the Australian company Power Ledger won the Sir Richard Branson’s Extreme Tech Challenge. The goal of the challenge is to provide entrepreneurs with the tools that they need to build their tech products and to give the prize for the best ones.
At the ceremony, which happened at Branson’s island in the Caribbean, Power Ledger received endorsements worth millions of dollars. Apart from the money get from the endorsements, Power Ledger will also receive mentorship from IBM and Amazon.
The Top 10 finalists of the competition were announced back in January and, since then, Power Ledger has launched three different applications, sometimes in partnerships with companies like BCPG and T77.
Power Ledger has recently affirmed that it was an honor to receive this massive endorsement and that the company would be focused to create better products in the future and to change the landscape of the market.
About Power Ledger
Power Ledger was initially launched in 2016 and it was able to get $34 million AUD with its Initial Coin Offering (ICO). The goal of the company was the creation of a P2P electricity grid that could be used with the blockchain technology.
The co-founder of the company, Dave Martin, has said that the success of the campaign was because people were focused on using renewable projects and that it proves the importance of clean energy in the market.
Power Ledger has also published a press release today that announces its latest product: Asset Germination Event (AGE) token. This token will be considered a security and it will be shared among retail investors and tradable by energy assets.
The idea of the token is to encourage people to invest in clean energy and to share their profits on a decentralized network. Part of the idea is to aim at the investors who have been previously denied entry in renewable tokenized projects and to give them a piece of this market.
As soon as the company sets up is grid-connected battery and a solar panel the tokens will be paid to the investors. At the moment, there is no launch date for the AGE tokens.