Sun Exchange, a blockchain-based solar micro-leasing marketplace, has introduced SUNEX, a new digital network token built for the Sun Exchange platform.
The SUNEX network token is utilised in the new Sun Exchange Solar Project Insurance Fund (SPIF), designed to minimise risk and unlock financing for previously financially underserved solar projects.
Sun Exchange provides members an opportunity to earn income while helping to bring solar power to developing global regions.
Through its online platform, members can purchase solar photovoltaic (PV) cells for approximately $10.00 per cell and lease them to be installed in solar projects for businesses, hospitals, schools and other organisations in Southern Africa, the Middle East and other sunny developing regions.
Solar cell owners receive lease rental payments, paid optionally in fiat currency or cryptocurrency, while the solar electricity consumers enjoy the benefits of affordable clean energy.
The SUNEX digital token is an ERC20 standard token built on the Ethereum blockchain. It is designed to make solar asset ownership through Sun Exchange more affordable and rewarding.
“The new Sun Exchange SPIF creates a new layer of security and reliability as the company grows, stimulating investment in impactful solar projects,” said Larry Temlock, Co-Founder and CFO, Sun Exchange.
“The SPIF is the world’s first crowd-sourced default insurance fund for clean energy projects in emerging markets.”
“Small commercial and industrial solar projects can drive urgent economic development by powering organisations such as hospitals, schools, small and medium businesses in developing regions. However, with aid organisations and NGOs primarily funding residential solar, and large banks and financiers only backing large and utility-scale projects, so these smaller but otherwise commercially viable solar projects fall into a major funding gap,” said Abraham Cambridge, Founder and CEO, Sun Exchange.
“With the new SUNEX network token and SPIF, Sun Exchange is leveraging blockchain and the crypto-economy to further bridge that funding gap and address a very real global challenge that can impact the lives of millions.”
“We have invested in the Sun Exchange and purchased SUNEX tokens, because we believe in the fundamental value of the business, and in the healthy growth of the network as people all over the world embrace renewable energy,” said David Orban, Founder and Managing Partner, Network Society Ventures, and Advisor to Sun Exchange.
“The innovation of coupling blockchain with solar energy decentralises renewable energy funding and production, democratising access and setting the stage for the long term growth of Sun Exchange’s activities.”
To date, Sun Exchange has provided financing for four solar projects throughout South Africa, which are now fully operational. The crowdsale for its fifth project, which will provide power for environmental NGO South South North, recently sold out in a record-breaking two weeks.
“Their unprecedented approach to solar financing can achieve installation at scale on a commercially sustainable basis. This is the catalyst required for realising our (distributed) energy revolution,” said Carl Wesslink, Director, South South North.
The SUNEX network token will be available to existing Sun Exchange members and the general public through a public token sale event, starting April 22nd, 2018 at 12:00 p.m. UCT.
The Sun Exchange SPIF will be established shortly after the close of the token sale. Additional details on the new SUNEX token, token sale and SPIF are available in the SUNEX Network Token Whitepaper.