NEW YORK (PRESS RELEASE JET) October 30, 2017
Grid+, a startup providing next-generation technology for the electric grid, is pleased to announce the launch of its token sale.
53.5 million GRID tokens will be available in the public sale, at $1.15 each, starting from noon Eastern Time on Oct 30. Each GRID token can be redeemed on the Grid+ energy network for the right to purchase 500 kilowatt-hours of electricity at wholesale prices. Grid+ uses similar blockchain technology to Bitcoin to create this tradable digital token, allowing electricity to be traded natively on its platform without the need for a third-party payment processor.
Currently, consumers buy electricity from retailers, and as much as 50% of the end user’s energy bill goes towards covering the retailer’s marketing and admin costs, and their bad debts. Grid+ has developed and tested a device that automates much of this work, allowing consumers to buy energy at near wholesale cost.
Payments on the Grid+ network are processed automatically using the digital currency technology pioneered by Bitcoin. Their smart agent device analyzes data to make the most cost-effective purchasing decisions for the consumer. This paves the way for a peer-to-peer energy grid, where home batteries, solar panels, etc., are networked together in a more resilient, grassroots architecture than the current centralized grid.
The Grid+ network will be available to its first market in Texas from Q2 of 2018, with plans to roll out globally soon thereafter.
The token sale represents another phase in the Grid+ roadmap. A successful pre-sale was held last month, in which 36.4 million GRID tokens were sold for approximately $29 million USD.
For media inquiries, or to schedule an interview, please contact Mark DAgostino: gridplus(at)consensys(dot)net
Grid+ is a next-generation utility, allowing customers to access electricity at near wholesale prices. It is a digital marketplace that makes it easy for people to buy and sell energy, eliminating many of the costs associated with inefficient energy retailers. By helping people earn money from home solar panels, batteries, etc., Grid+ establishes the foundation for a more sustainable and resilient peer-to-peer energy grid.
Grid+ is a ConsenSys project, founded by Alex Miller, Karl Kreder, and Mark D’Agostino. Alex Miller is a software engineer who has led multiple projects for Fortune 500 companies. Karl Kreder, PhD, specializes in battery technology, and started a 12-company consortium researching high-capacity batteries. Mark D’Agostino is a managing partner in the ConsenSys Enterprise group and has, successfully delivered blockchain applications to Fortune 500s.
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