A new blockchain software platform aimed at creating a global energy currency has been launched in the US.
California-based ImpactPPA’s software was designed to “disrupt renewable energy finance and accelerate global clean energy production”, according to the company.
With its software, users can manage and track renewable generation data and transactions with a new energy currency, which ImpactPPA calls the NRG token.
Under a two-token model for energy finance and consumption, a base token called the MPAQ allows community members to fund projects worldwide, while the NRG token is purchased by energy consumers. Users can create their own power purchase agreements (PPAs), which are submitted to the blockchain platform for approval and funding.
MPAQ tokens will be available through a public token sale beginning in mid-November, ImpactPPA said.
The platform “streamlines the process of energy finance”, reducing cost and improving efficiency by “removing the existing layers of legacy banking and NGO decision-making, dramatically reducing the time it takes to get from project funding to energy production,” ImpactPPA said.
Dan Bates, the company’s CEO, added: “Clean energy production has been stymied by the old, traditional system of energy finance, and with the rise of the blockchain and decentralization we can now take the control of energy projects out of the hands of an old bureaucratic system and empower individuals and communities, leading to lasting positive change.
“Off-grid, distributed solutions are the future of renewable energy production and a huge step forward in mitigating climate change.”