NewX Energy, a blockchain venture, to tokenize electricity plants

NewX Energy shared news dated 15 July about its aims to create a tokenized economy that transforms traditional electricity plants into a multi-service provider.

NewX Energy conveyed that such a provider can support smart homes, as well as provide financial and other services to smart cities. The newly-formed blockchain venture added that the venture was led by Christien New who is chairman of Bintan Power Plant in Southeast Asia. NewX Energy shared insight into the diversity of offerings with plans to provide services ranging from banking and shopping, as well as build a smart city ecosystem.

Christien New who also happens to be the founder, chairman, and CEO of NewX Energy cited – 

“The founding team’s vision is to deliver exceptional value and improve user experiences in the energy sector and beyond. Blockchain and tokenization can improve efficiencies in power generation and smart city ecosystem.”

NewX Energy quoted as an instance that the venture would create a loyalty program for its energy customers. Such a program would integrate with online shopping, payments, and other services through USDN and NXE tokens. NewX Energy would also introduce credit and debit card, as well as financial services in unbanked regions. NewX Energy highlighted the problems related to electricity in countries like Indonesia and other emerging markets.

newx energy

NewX Energy set the focus on Indonesia as having one of the lowest electrification ratios in Southeast Asia. NewX Energy clarified that electricity was lacking due to low demand, as well as market inefficiencies. NewX Energy indicated that market discrepancies had led to higher electricity rates. The nature of market lapses includes strict government control and lack of access to securing as well as lack of transparency. NewX Energy maintained that blockchain and tokenization could create efficiencies.

In an allied recent report, Sumitomo Corporation and Sumitomo Corporation of Americas announced their investment in LO3 Energy, Inc. Sumitomo Corporation conveyed that LO3 Energy, Inc. is a US-based developer and operator of peer-to-peer energy platforms. Sumitomo Corporation further added that the funding would support LO3 Energy’s commercialization of blockchain-based community microgrids.

NewX Energy threw more light on leveraging blockchain using USDN and NXE tokens. This dual token model consists of the loyalty token USDN and the utility token NXE. USDN token is mapped at par with the US dollar. The NXE token is a facilitator and would power one or more virtual mining machines of users. NewX Energy succinctly added that Christien was planning to launch an energy investment fund in Singapore, US, Russia, and the Middle East.