WePower marketplace enables all companies, no matter the size, to buy green energy directly from producers.
TypeStartup or self-employed
HeadquartersVilnius 10312, Lituanie
WePower marketplace connects companies directly with green energy producers so that any company, no matter the size, could buy energy directly at competitive rates with full transparency. Until now it was available only for the largest global corporations. WePower democratizes energy procurement for all.
WePower idea was created after 10+ years of working with renewable energy development. We've realized that growing banks requirements put more financial pressure on the green energy developers this way constraining green energy growth.
This is the global situation, not limited to any single market.
Banks require up to 70% project's value to be secured via Power Purchase Agreements while the complicated (multiple consultants, lawyers, etc.), lengthy (anywhere between 1 to 2 years) and expensive ($0,5-1M in fees paid by each party) process of concluding Power Purchase Agreements makes it extremely hard for renewable energy developers to get the necessary financing.
So, we end up in a situation where there's a tremendous push (governments, politicians, NGOs, global consumers) for more green energy, but we're limiting this process with very complicated legacy procedures.
We are literally running out of large corporations that afford and have the necessary energy consumption capacity to enter into the PPAs. This is a big problem as Commercial & Industrial clients consume 2/3 of the global energy production and the majority of it is SMEs that currently can't procure energy directly from producers.
There's a clear demand for our energy procurement marketplace. We've learned that after 2 years of pilot projects, partnerships, strategic sessions with some of the leading utility companies, corporate energy consumers, banks financing green energy developers, green energy developers, energy brokers and law firms specializing in corporate energy purchasing.
This December People Energy and QEnergy have executed a Power Purchase Agreement (PPA) on WePower’s renewable energy procurement and trading platform.
Under the ten-year contract valued at more than A$10 million, QEnergy has purchased the equivalent of 100% of the energy production from a 9.4 MWP solar PV power plant located in Robinvale, Victoria.
This deal sets an example for the entire renewable energy industry. It is the first time a PPA transaction was executed using a fully standardised and digitized contractual architecture, enabled by WePower’s energy tokenisation technology.
WePower brings a radically new concept of energy procurement standardization supported by two types of innovation: technological and legal.
Our energy tokenization technology enables live energy production and consumption data reading/recording on to the blockchain. Technology has been tested on a nationwide experiment to tokenize entire Estonia's energy data which we've successfully implemented while partnering with Estonia's TSO Elering.
Energy tokenization enables fundamentally new business models within the energy industry. While we've started with the standardized green energy procurement marketplace, many leading utilities have recognized our technology potential also to disrupt traditional green energy certificates markets. Therefore, beyond our main business line of corporate green energy procurement marketplace, we're also running multiple pilots with global utility/energy companies to digitize green energy certificates schemes and create fundamentally new certificates categories.
Our second innovation is a legal one. We've managed to standardize corporate Power Purchase Agreements (PPA) used in Australia. This is a significant achievement for the green energy markets because traditional PPAs are bespoke contracts taking 1-2 years to structure and negotiate. This goes together with related 0,5-1M$ in legal and other transaction fees. Usual PPAs could take anywhere from 500 to 1k pages. Our standardized PPA is 20 pages long. We've developed a fully standardized PPA which was recognized to be fully bankable by the biggest banks, energy developers and off-takers in Australia and abroad.