Mytilineos announced this week that it is working with Australian electricity retailer QEnergy to execute a 10-year Power Purchase Agreement (PPA) for most of the energy from a 22MW solar project in Australia. There are a lot of companies involved and it’s a little bit confusing, but my take is that Mytilineos is providing the funding for QEnergy to execute the PPA and provide that energy to their customers in Australia.
WePower’s platform actually works!
This is the second successful solar PPA that I know of going through the WePower platform, the first being the operational 9.5 MW Robinvale plant. It sounds like there is a pipeline of more projects through Mojo power, who started using WePower’s Elemental platform earlier this year. Honestly, I don’t know exactly what the ownership of Elemental is, since WePower says they “handed it over”. I think that just means they provided Mojo with a fully functional product, they didn’t sell the ownership of the product. Regardless, it’s starting to look like WePower’s blockchain-based platform to enable digital PPAs is actually working. That’s very cool, and I hope to see a lot more soon!
Yes, WePower has a token. No, it’s not blowing up from this news.
WePower’s utility token, WPR, is generally having a great year. It’s been trading around 5 to 6 cents this month (April 2021), up from less than a cent the same time last year. That being said, this awesome news about a new 22MW PPA doesn’t seem to be working for WPR. It’s actually down about 5% today. That’s actually pretty much perfectly in line with the history of WPR, which seems to be completely disconnected from the success of the company it’s associated with. Although it’s unclear how it will work and when it will start, WePower has claimed in the past that they will launch a “donation pool” in which WPR holders receive a percentage of all energy transacted on the platform in the form of WPR tokens. WePower CEO Nikolaj Martyniuk has indicated in Telegram AMAs that the donation pool will potential launch later this year.