Coming soon...Solo Energy to launch STO on the NEM platform


#1

Solo Energy is building the power plant of the future – the Virtual Power Plant. We believe in a future that is powered by 100% renewable energy and blockchain. We are creating that future now.

In the next few weeks, Solo will be launching an asset-backed STO (Security Token Offering) on the NEM platform to raise funds for the creation of a Virtual Power Plant (VPP) that delivers financial returns to the investment community. The STO will involve the sale of a tradeable asset-backed, profit-sharing security token called ‘SOL’ and the STO will be powered by the NEM blockchain ecosystem. Investors will be given the opportunity to invest using XEM, ETH, BTC and Fiat currency and there will be different levels of discount available as the STO progresses.

As part of our commitment to the NEM Foundation, Solo are also talking to members about how we can best contribute to the long-term future of the Community, whether that be contributing developer time, or supporting projects.

VPP Members will host STO-funded energy storage assets in their homes and businesses and will benefit from a low fixed-cost monthly electricity bill. Members will also be able to buy and sell excess energy within the community and the wider grid using Solo’s blockchain enabled peer-to-peer energy trading solution, using a NEM P2P energy technology platform. Furthermore, all VPP Members will receive a quarterly dividend payment from profits generated by the VPP.

The STO will fund the initial rollout of home batteries and electric Vehicle-to-Grid (V2G) chargers across the grid network and the VPP will comprise several thousand of these flexible energy storage assets deployed at the grid edge. Tokens sold during the STO will be securitised against the VPP, entitling investors to dividend payments from profits generated by the VPP. Beyond the STO funding period, longer term debt financing will drive continued organic growth of the VPP globally, servicing millions of customers and driving increased profits to STO investors.

Unlike most companies raising funds through token offerings Solo Energy is an established business that has raised over €1m in private investment since 2015 to develop its platform, FlexiGrid. We have proven the technology in the real-world and rather than using the STO funds solely to develop a software platform, we are instead using the majority of funds raised during the STO to roll out VPP infrastructure and accelerate the transition to a 100%-renewable future.

Further details on the STO will be announced on www.solo-energy.com in the coming weeks and we will be following up this post with a more detailed technical description on how we will use the NEM platform to implement our peer-to-peer energy trading solution.

The Team

Mark Hamilton, CEO / Co-Founder

  • Visionary renewable energy entrepreneur with 14 years of management, commercial and engineering experience in renewable tech
  • Blockchain evangelist with firm belief in the future of a sharing economy of P2P energy trading
  • Deep knowledge of energy trading, industry regulation and energy storage technology
  • Solo strategy lead, commercial lead, FlexiGrid platform architect

Killian O’Connor, COO / Co-Founder

  • Technical and commercial specialist with 10 years’ experience in the field of renewable energy
  • Passionate about socialising the benefits of renewable energy and making it accessible to everybody, regardless of social or financial status
  • Avid promoter of clean technologies and blockchain adoption
  • Wind energy expert, having previously advised on over 1 GW of onshore wind projects across the globe

Kailin O’Donnell, CTO – Blockchain

  • Founding member of the NEM foundation
  • Experienced software developer specialising in applications of blockchain technology
  • Key developer of blockchain server-side applications and Software Development Kits (SDKs) for the NEM network
  • Blockchain technical advisor to several organisations and token offerings

Liam Breathnach, CTO – Energy

  • Chartered electrical engineer and power systems modelling specialist
  • Over 10 years’ consultancy experience in power systems with leading energy consultancy, ESBI
  • Extensive transmission and distribution network projects undertaken in Ireland, UK and internationally including major infrastructural projects in Bahrain and Zambia

Daniel Dransfield, VP Engineering

  • Control and automation specialist, with extensive experience in SCADA control, cloud computing and IoT
  • Qualified electrician and electrical engineer with over 10 years’ industry experience
  • FlexiGrid lead developer, VPP installation manager
  • Data mining and algorithm development

George Mosomi, Blockchain Developer

  • Electrical Engineer with extensive international renewable energy project development experience
  • Blockchain expert with extensive experience building smart contracts in the renewable sector
  • Lead for NEM Kenya, currently sitting on NEM Africa Community Panel
  • Lead member of AION and EOS communities in Africa

Rumyana Rumenova, Software & Cyber-security

  • Experienced software engineer and cyber-security specialist
  • Responsible for integrating flexibility assets (batteries and V2G/H chargers) into the FlexiGrid platform
  • FlexiGrid system architecture design
  • Lead role in developing and maintaining security protocols in FlexiGrid

Dave Hodgson, Energy Sector Business Development

  • Over 15 years’ delivering technology solutions to energy supply, renewable energy and other industries across several international markets
  • Led multiple organisations through large cloud and digital transitions from a technology and change management perspective
  • Currently developing partnerships between Solo and various organisations across the value chain and working with NEM community members on a few initiatives

Joanne Smalley, Marketing & PR

  • 12+ years of communications experience working for some of the biggest names in the energy sector
  • Highly experience in the areas of corporate comms, media relations, crisis comms, strategic PR and marketing campaign management, marketing strategy and planning, stakeholder management, business development, and customer research
  • Experienced in supporting companies through start-up and growth stages

Darren Dineen, Blockchain & STO Advisor

  • Experienced blockchain consultant and specialist in business development, operations, communications, systems analytics and market psychology
  • Core member of Europe’s largest blockchain incubator
  • Involved in multiple blockchain start-up projects
  • Early cryptocurrency and DLT technology adopter

#2

This all sounds cool and interesting. I wish you the best of luck guys!


#3

Very nice. Look forward to reading more about it!


#4

Fascinating! Eagerly awaiting the release of more info :slight_smile:


#5

Thanks @nervozaur @Fabrice_Elfassy @WillWorkForCrypto! Looking forward to sharing further details with the community very soon. Also happy to answer any questions you might have in the meantime.


#6

In your company’s accounts the mentioned €1m is not found https://beta.companieshouse.gov.uk/company/SC487193


#7

I think this is a project of the future! I wish You good luck!


#8

That’s correct, the company is registered in Ireland: https://search.cro.ie/company/CompanySearch.aspx and search for company number 566746 (site won’t allow direct link to company pages).

The UK company in that link is a child company for UK operations but the parent company is Irish so investment occurred in the parent.

You will also see from the Irish accounts, only some of the €1m is in filings to date because part of the investment came after the last filing date and will be shown in the year’s accounts.


#9

We are looking at attending BlocFest Asia (http://www.blocfest.asia/) and KL Blochain week, from the programme it looks like quite a few NEM community and foundation members will be there as well. It would be fantastic to meet a few of you and if there is any collaboration, meetups, joint stalls etc happening we would be very keen to be a part of all and anything happening.


BlocFest Asia and KL Blockchain week - who is attending?
#10

Interesting project. Are there some parallels here to the Tesla Battery storage projects that claim to save/make the power companies millions? https://electrek.co/2018/01/23/tesla-giant-battery-australia-1-million/

Will consumers of your platform benefit somehow from the economies here somehow (selling power at peak I guess?)


#11

Great question @CarbonClick. Yes, there are many parallels with the Tesla project in Australia but the main difference here is rather than using one large centralized battery system to help ‘balance’ the grid we are creating a distributed and decentralized battery network (or Virtual Power Plant) right across the grid. Our clever battery management software, FlexiGrid, allows us to control and aggregate all of these batteries together as one large VPP to deliver services to the grid operators and also to generate revenue by selling low cost energy back into the peaks (as you rightly assumed).

Consumers, or VPP members, benefit by receiving a free battery to ‘host’ in their homes which forms a node on the VPP battery network . We reward members by delivering low cost renewable electricity via a fixed monthly membership fee which is configured to be 30-40% than a standard electricity supply contract.


#12

If anyone is in Mombasa on August 18th why don’t you come along to the Solo Energy sponsored Nem Mombasa Hackathon. Our Lead Blockchain Developer @George_Mosomi will be there and looking forward to meeting you all!


#13

Do you plan to let VPP produce and sell electricity in the network (eg. Fom solar, wind, geothermal energy…) ?


#14

Hi @decentraliser, yes our FlexiGrid software enables us to purchase electricity from the grid and store it in the battery network at the right times (e.g. when renewables are peaking and when market prices are low) but also allows us to sell back into the grid during evening peaks when demand, and prices, are much higher.


#15

Good job!


#16

Hi Killian, Do you have a telegram or discord yet? Also are you planning to sell any more equity rounds? Icos these days are basically loss-making investments, while I understand this is an sto which will be asset backed and provide dividends, crowd funded equity may still be a better investment in this bear market. Your product sounds interesting but i want to know more about how it can scale. I am in Cork which is where I think you are based. Can I come to your offices and see a demo of flexigrid?


#17

Hi @tadhgcr, thanks for your interest. Public Telegram channel is going live shortly. Happy to meet you for a coffee and demo of FlexiGrid when you are free. PM me and we can arrange to meet. Cheers, K.


#18

Very interesting! I also found [LeadBest]( https://leadbest.io /) is the STO platform and you could have a further look!