What we found out
The post-COVID-19 world is full of uncertainty. Only one thing is certain: a European and international consensus around the idea that the recovery will be green. Because, yes, climate change is disrupting our environmental and societal equilibrium. This disruption is also marked by the sudden emergence and importance of digital sovereignty. We must urgently, all together, accelerate the Energy Transition.
One of the major conditions for accelerating the Energy Transition in Europe and throughout the world is to radically change the current energy sector, which is still widely based on centralized systems and the exploitation of carbon-based energies. This requires the transformation of energy management to a less centralized system which can adapt to the intermittent nature of renewable energy production.
From this viewpoint, the digitalization of this sector is essential. The Energy Transition must be supported by a Digital Transformation to adapt the energy sector to the growing share of renewables in the energy mix.
Blockchain: a powerful tool to support changes in the energy sector
The characteristics at the heart of this new technology – decentralization, transparency, traceability, immutability – are essential to transform the European energy sector. We want to take full advantage of this powerful new technology – and we invite all our partners to join us in seizing this opportunity to optimize the production of renewable energy and to lay the foundations for tomorrow’s energy consumption patterns.
We are therefore committed to accelerating the Energy Transition by building an intelligent and seamless European multi-service platform for energy data management; a form of decentralized energy internet based on Blockchain and Artificial Intelligence that does not exist today. Since we launched this project two years ago, we have been actively working to lay the basis for a collective management and use of energy data adapted to the proliferation and intermittency of renewable energy technologies, which are the basis of tomorrow’s energy mix. This ambition is based on 12 years of expertise and industrial-scale energy databases. We supervise in real time 2,000 wind turbines and 12 million photovoltaic modules, which are connected to continuously fed databases that are growing by 30% per year.
WPO monitors 2000 wind turbines and 12 million photovoltaic panels in real time
Our GreenToken Public Offering
With this transformation in mind, WPO has decided to conduct a public offering of tokens and to issue a new digital asset: the GreenToken, registered on the Ethereum Blockchain. The funds raised through this operation will enable the procurement of resources to service the development of the GreenToken project (this includes sales, technological development, governance, marketing and communication, legal, financial expenses, community actions). This operation has received the visa of the French Financial Markets Authority (AMF) (cf. Visa AMF ICO.20-189) and is described in the Information Document available on this website. Since 2018, we have already successfully used Blockchain technologies to certify events related to the production of energy from renewable sources for our clients.
WPO’s GreenToken Public Offering aims to:
Democratize the possession and use of GreenTokens for all interested stakeholders in the energy sector including both companies and individuals.
To build a new European multi-services platform – intelligent and seamless – for the management and collective use of energy data, based on the Blockchain and Artificial Intelligence.
The GreenToken Project
The GreenToken Project initiated by WPO aims to make innovative business models accessible to the entire renewable energy ecosystem to accelerate the Energy Transition
The GreenToken Project is based on 3 pillars
An economic pillar
The GreenToken Project is based on utility tokens within the meaning of Article L.54-10-1 of the French Monetary and Financial Code. GreenTokens will be negotiable on digital asset transaction platforms (called exchanges), starting with the French Savitar platform www.savitar.io. These digital assets can also be exchanged within the GreenToken Network (of which WPO is a member, as well as a dozen other companies, see below) for goods and services related to renewable energy. In this sense, these tokens constitute a means of payment specific to renewables. After a private sale that has been accelerating since 2018, the public offer of GreenTokens will open on 8 September 2020. On this occasion, 11 million GreenTokens will be offered to the public, i.e. 73% of all GreenTokens that will ever be issued.
The GreenToken Network
The GreenToken Project is structured around a network, the GreenToken Network, which aims to establish conditions of trust and transparency in the energy sector through the Blockchain. This network brings together well-known professionals in the sector who accept the GreenToken as a means of payment for their goods and services to support the Energy Transition.
So far, the members of the GreenToken Network include :
Independent maintenance service provider
An organizational pillar
The GreenToken Project relies on independent governance provided by an Investment Advisory Committee. This committee is composed of recognised international experts and is responsible for assisting WPO Management in the governance of the GreenToken Project, setting up data governance and communicating with stakeholders. It will therefore evolve on an autonomous basis to reach out to all renewable energy stakeholders and to serve the collective interest on a virtuous basis.
A technological pillar
The GreenToken Project is laying the foundations for a European multi-service platform that will host the registration of GreenToken block trades for goods and services in favour of renewable energy, to keep a transparent and reliable record of them. This platform will also host the smart contracts needed to execute the subscribed goods and services. These will initially consist of the 4 first-use cases described below: the 4 GoCerts.
Behind the GreenToken: the 4 GoCerts
Obtaining GreenTokens opens up a whole new field of possibilities and business models for all players who decide to become part of the GreenToken Network. 4 distinct uses – the 4 GoCerts – currently define the main purposes of the GreenToken. Members of the GreenToken Network will be welcome to suggest other uses in order to democratize the adoption of the token and create innovative business models that will accelerate the Energy Transition. Thus, the GreenToken will become more autonomous as these uses intensify and reach out to all players in the energy sector.
Based on its recognized expertise, WPO suggests 4 initial use cases, all virtuous and recognized as beneficial to accelerate the Digital Energy Transition and to preserve European digital sovereignty. The first use case is already functional, the next three will be developed within 24 to 36 months after the Public Offering.
A payment method specifically for the Energy Transition
The GreenToken is primarily a means of payment to purchase goods and services contributing to the Energy Transition from WPO or other members of the GreenToken Network. Thus, as early as 2018, WPO accepted the first GreenTokens in exchange for consulting services on wind farms. From an accounting point of view, WPO has duly recorded these transactions in its annual accounts, which the company’s statutory auditor has certified without reservation. Members of the GreenToken Network will also be able to market their products and services in exchange for GreenTokens. The registration in the Blockchain of these purchases of goods and services in favour of the Energy Transition, attested by the issue of GoCert certificates, will enable these virtuous actions to be certified on a voluntary basis.
Disintermediated electricity trading
Today, electricity transactions are carried out through traditional Power Purchase Agreements (“PPAs”); GoCerts#2 (“SmartPPA ©”) – built on the Blockchain and Smart Contracts – will make power purchase agreements more transparent, faster, more efficient and more secure. GoCerts will allow energy producers and buyers to interact without the need for a centralized marketplace. This will make it easier to trade energy from renewable sources at market conditions and expose supply to a wider and better-informed demand.
2 examples :
– An individual, a partnership or a company could buy, without any intermediary involvement of a third party, and from several wind and solar power plants, the exact quantities they will need, or even resell their self-generated surplus, at any time. An intelligent contract will arbitrate between the different producers, depending on the energy source, its availability, the market price or the negotiated price. The result would be better, more efficient, adoption of renewable energy within the energy mix, while GreenTokens would be used as a means of payment for each electricity purchase and sale transaction.
– A factory could self-produce part of its needs from solar panels on its roof, negotiate a supplementary solar power purchase contract with a Spanish power plant and automatically complement its winter supplies with a Norwegian smart wind power purchase contract. All of which is balanced by Blockchain. The result would be a better, more efficient, adoption of renewable energy within the energy mix, while GreenTokens would be used as a means of payment for each electricity purchase and sale transaction.
High Reliability Certificates bringing full transparency and traceability
Today, the European regulation of “green” certificates already allows citizens to choose their energy sources in a relatively transparent way and to participate in the Energy Transition because of certificate markets. However, these “green” certificates are registered in official, national or even regional registers, which still operate differently from each other and in a rather fluid manner; whereas the Blockchain allows a perfectly reliable, cost-effective, real-time processing of certificates on a continental scale. In order to create standardised certification within the European Union, the managers of the current official registers will most probably take over the Blockchain tool once it has become established.
With this in mind, WPO will first issue private GoCert certificates for European wind and solar farms under its supervision with the ambition that its technology will be adopted by the managers of the official registers of green certificates (such as guarantees of origin, certificates of capacity, deletion, energy saving, etc.). GreenTokens will then be used as a means of payment for each transaction of these certificates (issue, transfer, export, etc.).
Predictive maintenance and automation of insurance and guarantees
The production of renewable energy is conditioned by the proper functioning of equipment (absence of breakdown, proper regulation) and resource availability (wind, sun). Production efficiency and profitability depends, on both the quality of equipment maintenance and good management of operational and meteorological risks.
Currently, however, in the event of a breakdown, the triggering of a guarantee or insurance claim can take time and can lead to operating losses and significant management costs.
In this context, Blockchain and smart contracts will provide two essential added values:
Prudent management of outages
Intelligent contracts (“SmartCLAIM ©”) will arbitrate and automate the claim declaration, administrative processing and, where appropriate, compensation and repair at the right time, and in a manner adapted to the weather conditions and the operator’s operational strategy.
Efficient management of production guarantees
Intelligent contracts will be a support for automatic arbitration of guarantees and insurance coverage in the event of lack of wind or sun, with automatic triggering depending on the weather conditions observed. Today, these techniques are rarely used because they are complex and too expensive. Tomorrow, Blockchain and intelligent contracts will make it possible to automate and standardise these methods.
Approval of a Public Token Offering (ICO)
Pursuant to Article L. 552-5 of the Monetary and Financial Code and the General Regulation of the French Financial Markets Authority (AMF), in particular Article 712-9, the AMF has approved this document under the number n° ICO.20-189 dated 12/05/2020 and valid until 12/11/2020. This document has been drawn up by the issuer and entails the liability of its signatories. The approval has been granted in accordance with the provisions of Article 712-1 of the AMF General Regulation after verification by the AMF that the information document is complete and comprehensible.
The approval does not imply that the AMF has approved the appropriateness of the issuer’s project or authenticated the financial, accounting and technical information presented.
Moreover, the AMF has not carried out any verification of the smart contracts linked to the offering and and has not verified whether these smart contracts are adequate in relation to the content of the information document.
Investment in an initial coin offering as defined in Article L. 552-3 of the Monetary and Financial Code entails risks of a partial or complete loss of the investment. No guarantee is given regarding the liquidity of the tokens acquired in the offering, the existence of a secondary market for said tokens, the value of the tokens acquired in the offering and the exchange value of said tokens in legal currency. Tokens do not constitute financial instruments within the meaning of Article L. 211-1 of the Monetary and Financial Code and confer no other right than those described in the information document. In addition, the regulatory framework applicable to the offering and to the tokens as well as the tax regime applicable to the holding of tokens are not defined to date in certain jurisdictions.
The approval issued by the AMF concerns only the offering covered by this information document. As from the end of the offering, the AMF will not monitor the issuer or its project. Any communications subsequent to the offering and relating thereto will not be reviewed by the AMF.
The subscriber is invited to read section 4 “risk factors” of the information document.