Briefing

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Nigeria-based startup OneWattSolar building blockchain-based solar systems for African homes that use tokens as payment

October 25, 2018

Briefing:
  • Blockchain-Based Solar System – African solar startup OneWattSolar developing blockchain-based solar system where consumers pay for solar energy using tokens without paying for installation, which are funded for by investors
  • Currency Exchange – Customers can exchange Nigeria's naira currency for tokens on Ethereum blockchain using third-party fintech platforms
  • Cheaper Energy Source – Blockchain-based solar system is 50% cheaper than diesel, saving on generators which are expensive to maintain, while traditional fossil fuel services cost 70 Nigerian naira ($0.19) per kilowatt
  • System Components – Include solar panels and Internet-enabled router that automatically collects energy usage data
  • Short and Long Term Goals – Plans to launch 1,000 fully operational systems in January 2019 and supply one million homes across Sub-Saharan Africa by 2025

Image Source: OneWattSolar

Image Source: OneWattSolar

Sector: Energy
Organization: OneWattSolar
Sources: 

Original Publication Date: October 24, 2018

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