A new token linked to renewable energy projects in Northern Europe is set to launch later this month.
Northern Lights is a permissionless blockchain project. The Northern Lights Token is an ERC20 governance token, issued on the Ethereum blockchain. When tradable, the token will be initially launched on the Uniswap decentralised exchange.
The backers of the token say the project is designed to disrupt and decentralise the industry, by making investments in renewables to give consumers more power.
Markus Winfridsson and Christoph Thiel Heyerhoff, both entrepreneurs in the energy space, are backing the project.
Northern Lights says it is committed to investing in tangible ventures designed to bring about real-world change, including the installation of innovative energy saving devices. The team intends to deploy the capital raised in a range of sustainable, renewable-energy-generating projects.
The energy industry is undergoing some fundamental changes. It is becoming technology-driven with a focus on green technology. But, the company notes, it still lacks transparency and the pace of change is slow. Applying the disruptive and decentralising power of blockchain technology to this sector represents a unique opportunity, they claim.
Markus Winfridsson said: “I am delighted to be involved in this innovative and ambitious project, which I believe has the potential to make a big difference to the way in which energy is created and consumed by society. The industry is ripe for change, it is at a pivotal moment in its history, and now is the time to act. We aim to give the power back to consumers in the way they purchase energy. This can only be achieved by leveraging the decentralising power of blockchain technology.”
Gustaf Teurnberg, co-founder and global development executive, Northern Lights, added: “This is a project that has been in the pipeline for some time, devised by individuals who both understand the energy markets and truly believe that change is needed. We believe the launch of the Northern Lights Token can represent the start of deep and fundamental change in the energy markets, which will make a positive difference to both consumers and the long-term sustainability of our planet.”
