The solar energy company Solar Bankers Singapore is launching an Initial Coin Offering (ICO) to raise funds for the development of a revolutionary system of localized energy communities in which consumers can freely produce and trade electricity. Solar Bankers Singapore is known for having developed and patented a series of innovative photovoltaic solutions, including a hologram-based film that filters and concentrates incoming sunlight to make solar panels more efficient and less expensive.
Solar Bankers is now working with the Chinese blockchain technology company ShellPay to promote the wholesale decentralization of all infrastructures for electricity production, transmission, and exchange. The partnership is planning to make the generation and distribution of energy greener and more efficient by supplying households with Solar Bankers’ cutting-edge PV devices and connecting them in a system of local micro-grids. Solar Bankers envisions that this decentralized system, which it calls “SunChain”, will allow consumers to both produce their own green electricity and sell any excess at competitive prices to their neighbors in local marketplaces. While owners of devices will benefit from an additional source of income, reduced transportation costs will allow passive consumers to benefit from more affordable electricity. In addition, transactions will be managed by a system of smart contracts based on an improved blockchain platform developed by ShellPay, making large bureaucratic intermediaries obsolete.
Solar Bankers’ current ICO project seeks to finance initial grid developments in China. The company has now launched a major marketing campaign for the pre-ICO phase of its fundraiser, during which it is offering 18 million of its “SunCoin” at the price of $0.14. For the actual ICO later this year, the company is successively selling four tranches of around 24 million tokens at increasing prices. The first tranche will be sold at $o.6, the second at $0.72, the third at $0.864, and the fourth at $1. Of the total volume of 300 million SunCoins created, 97 million will be issued through the ICO, with the rest being held by Solar Bankers and ShellPay as a liquidity guarantee to investors in the production of the PV devices. The ICO will be run in cooperation with Lykke, a cryptocurrency exchange based in Switzerland, which will also subsequently act as the main market-maker in the public trading of SunCoin from early 2018 onwards.
Solar Bankers claims that SunCoin offers a unique set of entrepreneurial opportunities for buyers to make use of independently, which provide the token with a high degree of intrinsic value by comparison to other cryptocurrencies. In addition to being tradable at Lykke and various other exchanges, SunCoin allows owners to buy Solar Bankers’ devices at a discounted price and will act as the main exchange medium in the localized energy communities of the SunChain. The value of the coin can thus be seen as representing a right of participation in local energy marketplaces, which sets it apart from other current crypto-financing projects.