Coinweez is the African blockchain hotspot and this time we are proud to introduce our audience to one of the most promising African blockchain application story. Meet Sun Exchange after a one hour interview we had with one of the founders Abraham Cambridge we learnt more about application of blockchain in the energy industry.
Sun Exchange is a marketplace allowing investors even small scale entrepreneurs to invest in solar cell and lease to schools, businesses and organisations. The company founded in 2015 and registered in South Africa aims to light up developing nations especially in Africa. Why Africa? On average countries in Africa have less than 20 percent of their population connected to electricity with worse rates for those living in rural areas with only 5 percent. It’s a sorry state as the continent especially along Sub-Saharan Africa with 48 countries and a population of at least 750 million people if combined cannot be at par with power supply of a single nation like Spain. Worse, the continent receives on average 325 days of sunlight annually and all this enormous power supply goes untapped.
However, Sun Exchange understands the opportunity and the need to help light up Africa by using this clean energy. The company is taking advantage of the free 325 days of sunlight across Africa and changing the narrative of darkness to light in schools and businesses.
How Sun Exchange works
An investor who can be an ordinary individual affording to invest at least $10 buys solar cells to lease to businesses, schools and other institutions such as wildlife rehabilitation parks. The company then installs solar arrays on purchased solar cells to kick-start the process of generating power for identified projects. At the end of the month an investor will receive rental income which can be paid either using Bitcoin or through national currency.
Projects powered so far
Sun Exchange has been successful to solar power 5 projects namely:
- South South North project in cape town
- Knysna Elephant Park
- Center for Rehabilitation of Wildlife (CROW)
- Kal Tire in Rustenberg
- Stellenbosch Waldorf School in Cape Town
As noted above Sun Exchange is targeting any potential investor as most of its solar panels are cost friendly with an average of $10 per cell. The company is keen on expansion and are targeting entry into Kenya, Tanzania and Ghana in the near future.
What next for Sun Exchange? ICO in 4 days
Sun Exchange will be holding its ICO in 4 days’ time that is 21st April 2018. This is the second ICO by an African company following the successful SureRemit one early this year. The company is issuing its SUNEX tokens with the objective of making it easy for token holders to benefit from using its micro-lending platform. Additionally, funds raised will help the organisation to:
- An expansion of its current team key to developing its core infrastructure as well as embolden its global market presence.
- Part of the money will create first of a kind insurance fund on the solar project among which would be safeguarding token holders against defaulting clients.
- Move in to new markets starting with a new regional hub to supplement Cape Town and Dubai hubs.
- Undertake pre-financing of PV rooftops projects while awaiting premium crowd re-financing.
- Establish pilot projects into mega crypto mining rigs, rural cellular towers, support cold storages among small farming cooperatives and power rural and semi-urban village micro-grids.
It is an opportunity for interested investors to buy the SUNEX tokens and participate at the Sun Exchange marketplace while sharing in the company ambition of using solar power to light up the world. More information about the ICO can be found using the following link http://tse.thesunexchange.com/