Blockchain project in Scandinavia to invest in renewables

Two energy entrepreneurs in Scandinavia have launched a new token that they claim will disrupt and decentralise the energy markets in that region and result in investments being made in renewable energy.

Markus Winfridsson, a serial entrepreneur with numerous successes in the energy space including Sumer and Stella Futura, and Christoph Thiel Heyerhoff, an expert in building state-of-the-art energy storage solutions, have partnered on the launch of Northern Lights, a permissionless blockchain project. They claim it will give consumers more power by investing in renewables.

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 with additional marketplaces planned for the future. Its official launch is planned for later in April.

The team, comprised of experts from the renewable and blockchain industries, conceived the idea in response to the growing energy crisis that Scandinavia is facing. Their objective is to make a difference to the way in which energy is conserved in the Scandinavian region, through a transparent approach focused around consumer choice.

Northern Lights says it will invest in “tangible ventures designed to bring about real-world change, including the installation of innovative energy saving devices”. The project also delivers on three of the 17 sustainable development goals set out by the United Nations: affordable and clean energy, sustainable cities and communities and climate action.

Energy prices in Europe have risen exponentially to the point that people’s livelihoods and day-to-day living is being greatly affected. With the situation not looking likely to improve anytime soon, the Northern Lights team argue this project can become a game-changer.

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.”