SunContract is an energy trading platform that utilizes blockchain technology to create a new business model for buying and selling electricity. The SunContract platform directly connects electricity producers and consumers into an electricity pool based on smart contracts, enabling peer-to-peer electricity trading. SunContract first plans to establish the basic platform, the SunContract Energy Pool, as the first step towards peer-to-peer energy trading. This pool will be comprised of independent electrical (e.g. solar) power producers providing energy to connected consumers. SunContract tokens (SNC) will be the currency used for trading.
The platform is envisioned in such a way that consumers register to the pool via a mobile app, and are then able to use SNC to obtain electricity. The value of SNC will therefore reflect the demand for electricity. Similarly, local energy producers such as solar power plant owners can get better compensation for their energy by joining the pool than by selling to utility giants. Exchange of SNC to fiat currency (euro or dollar) will be made automatically available through the app so as to minimize the producer’s risk. The final price and quantity of electricity transferred between two parties will be determined by trading algorithms based on auction clearings on the Blockchain. The producer and consumer will determine the bid and the asking price, and trading algorithm and smart contracts will do the matching and settlement. The minimum and maximum prices of electricity will be determined by the contracts for electricity sold and bought outside the pool.
During phase one, the SunContract Platform will be developed for direct selling, purchasing and balancing responsibilities. Using advancements on smart-grids, end-user customers of the SunContract Platform will also aid the balancing of the electricity grid through demand response. Later, additional functionalities will be added and upgraded to the SunContract Platform in order to cover ambitious objectives such as operating the flexibility market, or assets visualization across the value chain (substations, lines, EV chargers or electrification of heating). SunContract envisions the blockchain enabling a trusted environment for grid management with assets management, dynamic monitoring, coordination of loads, micro-grid management, smart substation automation and metering management all having a role to play. The SunContract platform, through the Pool of actual partners and acting as an aggregate of distributed producers and consumers, could enter into such services for providing grid capacity operation.
The project is based in Slovenia, where it plans to begin implementation before exporting the model. Rules for trading, purchasing and supplying, contract signing, invoice issuing differ from country to country, requiring a user friendly business process compatible with national regulatory frameworks.
SunContract’s co-founders are CEO Gregor Novak, who has nearly 20 years’ experience in the Power Industry (including CIO at Borzen, member of the supervisory board at Termoelektrarna Trbovlje of the HSE Group, president of the supervisory board at telecommunications service provider Stelkom, ICT Director at transmission system operator ELES, and CEO of Sonce energija which he also co-founded), and CFO Mojca Bajec, currently also a PhD Candidate at the University of Ljubljana’s Faculty of Economics (and previously finanacial advisor at Sonce). Other team members include CIO Martina Gabor (also IT Manager at Sonce), Project Manager Mitja Blatnik (also at Sonce), as well as numerous other team members and advisors covering technical, energy related, and business issues.
SunContract’s token sale is open until August 1. The funds will be used for development, marketing, operations, legal, governmental duties and other expenses that will occur in next few years and are needed for developing and running the project.
|Total Supply||The amount of SNC issued will be fixed to the amount of ETH.|
|Maximum Raise||100,000 ETH (currently over 7,600 ETH have been raised – nearly $1.5M)|
|Pricing Structure||10,000 SNC per 1 ETH with bonuses (currently 10,500 SNC)|
|Holding of Funds||Escrow Matjaz B. Juric (Full Professor at University of Ljubljana).
SNC tokens will be distributed no later than 30 days after the conclusion of the token sale.
|Technical White Paper||The SunContract whitepaper presents a business plan but does not go into technical concerns.|
|Team||Transparent involvement. Team covers technical, energy-related, and business aspects. Lead founder has extensive experience in the energy sector.|
|Token Rights||Trading electricity through the SunContract Pool.|
|Token as Asset||Value tied to the demand for electricity.|