Romanian electricity and gas supplier Restart Energy raised €30mn in cryptocurrencies by issuing 400mn MWAT tokens in an Initial Coin Offering (ICO) aimed at financing a blockchain-based trading platform for renewable energy, profit.ro reported. The platform, dedicated to energy producers and suppliers, aims to expand worldwide through franchising.

The company says it is the only blockchain-based energy trading ecosystem that can work with existing laws and regulations in the European Union. Among its advisors are MEP Catalin Ivan and Ethereum Foundation executive director Ayako Miyaguchi.

The RED MegaWatt Tokens (MWAT) are ERC20 utility tokens (meaning tokens managed under the Ethereum system) that give access to the RED platform software and to the RED franchise. The RED platform is a blockchain based decentralised energy trading platform that makes it possible for energy consumers and producers to send and receive energy worldwide. The tokenised energy traded on the RED platform can be physically delivered at local rates in countries with deregulated energy markets where Restart Energy will be present directly or through a franchise. 

The RED franchise is the first power retail franchise that make it simple and easy to start and operate your own power utility company, the company says. 

The company itself operates six photovoltaic (PV) parks with an estimated annual production capacity of 47.3MWh and it is close to purchasing from Hidroprod two micro-hydro power plants with an estimated annual production capacity of 22.4mn MWh per year.

Restart Energy expects to strengthen its revenues from $20mn in 2017 to $100mn this year.

The company is part of Armand group controlled by local investor Armand Domuta.