Romania’s Restart Energy to fund renewables on blockchain
Restart Energy Innovative Technologies AG is launching a security token offering (STO) to raise CHF7.99 million (US$8.5 million) on the blockchain.
The STO is being launched on the Swiss daura platform and will raise the funds via digital participation certificates.
The funds will be used for acquiring operational renewable assets and developing the downstream energy supply business of the Romania integrated private energy supplier Restart Energy One SA.
In addition, they are intended to support the global expansion of the company’s recently launched RED blockchain platform offering an end to end tokenised carbon offset system and carbon marketplace for companies and individuals.
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“Our goal is to use bleeding edge technology and innovative business models to democratise a sector burdened by bureaucracy and transaction costs: freeing up capital, saving money, helping local power producers earn more, and laying the groundwork for a sustainable future,” says Armand Domuta, Chairman of the Board of REIT AG and President of the Romanian blockchain association (Asociatia Blockchain Romania).
“REIT AG understands that the future of energy production and consumption lies in giving people and businesses freedom to access and participate in a more sustainable energy ecosystem unfettered by bureaucracy and outmoded business models.”
To participate in the STO, investors must prove they have offset their CO2 emissions and have reached net zero via an account and the tools and validation mechanisms on the RED platform, including the availability of certified projects for the purchase of carbon offset certificates.
Restart Energy supplies electricity and natural gas to over 50,000 household customers and approximately 5,000 corporate customers in Romania and Serbia. The company with a project pipeline of 550MW of renewable energy developments is planning an expansion into several European markets, including Germany and Spain.
REIT AG is a Swiss-based holding company that supports energy tech ventures.
The daura platform was developed as a digital share platform for financing and investing in Swiss SMEs. It is backed by the Swiss telco Swisscom among other partners.
