Romania’s Restart Energy Launches Security Token Offering for Acquiring Renewable Assets
Restart Energy Innovative Technologies AG is conducting a security token offering (STO) on the Ethereum blockchain in order to raise CHF7.99 million (US$8.5 million). It will be initiated on the Swiss daura platform and will earn cash via the sale of digital participation certificates, according to the STO. The funds will be utilized for the acquisition of functional renewable assets as well as the development of the downstream energy supply biz of Restart Energy One SA, a Romania-based integrated private energy provider.
The company’s newly established RED blockchain technology, which provides an end-to-end tokenized carbon offset system as well as a carbon marketplace for businesses and people, is also meant to benefit from the funds raised.
“We want to democratize a sector that is weighed down by bureaucracy and transaction fees by using cutting-edge technologies and unique business models: relieving capital, cutting costs, assisting power producers reap more, and laying the foundations for a more greener future,” says Armand Domuta, Chairman of the Board of REIT AG and President of the Romanian Blockchain Association (Asociatia Blockchain Romania).
“REIT AG recognizes that the future of energy production and consumption rests in giving individuals and companies the flexibility to access and partake in a more sustainable energy environment that is not constrained by red tape or antiquated business practices,” the company explains.
Investing in the STO requires investors to demonstrate that they have mitigated their Carbon footprints and have attained net zero by creating an account on the RED platform, using the software and verification processes available on the platform, and by making use of certified ventures that are available for the buying of carbon offset credentials.
Restart Energy is a Romanian energy company that provides electricity and natural gas to over 50,000 residential customers and around 5,000 commercial customers in Romania and Serbia. There are plans for the firm to expand into other European countries, particularly Germany and Spain. The company currently has a venture pipeline of 550MW of renewable energy initiatives.
REIT AG is a holding company established in Switzerland that invests in and supports energy technology projects. The daura platform was created as a digital sharing platform for funding and investing in Swiss small and medium-sized enterprises (SMEs). It has the support of a number of partners, including the Swiss telecommunications company Swisscom.