IMPORTANT UPDATE: pre-sale results, token supply, hardcap and individual caps

Dear Community!

(updated on January 28th: “Token sale by contribution type” graphic added)

With our token sale just round the corner we wanted to update you with the final details on:

30 million USD raised in the pre-sale

Over the last few months we have been travelling across the globe to meet communities, strategic investors and venture/crypto funds that were interested in supporting WePower’s mission. Today we are happy to announce that we have closed our pre-sale with 30 million USD raised in both public and private pre-sale.

We are extremely excited about this development not only because it will help us fund our platform development and business operations but also because our green family is joined by such well-known and strategically important companies as Galaxy Investment Partners, DNA Fund, BlockchainIL, LDJ Capital, , Science, OGroup / Kryptsu, PrimeBlock Capital, AlgoLedge, Connect Capital, Everblue Capital and many other famous and experienced angel investors.

Interest in our private pre-sale exceeded all of our expectations. This gave a unique opportunity to carefully select investors who will help us expand WePower business reach partnerships with energy companies, large scale renewable energy producers and bring large green energy buyers/investors to the WePower platform from all over the world.

Pre-sale results:

40 million USD hard cap

When WePower was founded our focus was strongly concentrated on Europe. However, as you may know, on the 13th of December 2017 WePower was admitted to the Startupbootcamp (SBC) accelerator’s energy program in Australia.

Entering Australia is an exciting development with a lot of advantages for both to the project and to the WPR token holders. However, it comes with new challenges — we need to have two teams working simultaneously and finance a wider range of operations than initially expected. The initial project was budgeted for the first 3 years of operations in Europe alone.

This is why we have decided to raise our hard cap from 35 million USD to 40 million USD with 10 million USD reserved to the whitelisted contributors. The additional funds will particularly be used to accelerate our platform and business development activities in Australia.

Due to the increase of the hard cap we have also increased the total token supply for sale. The initial % of the token supply for the sale was 55%. We have increased it to 62% and reduced tokens locked for the future needs — from 10% to 3%.The hard cap increase does not have any impact on the initial valuation because we have reduced the future token pool proportionally. Full details about the token supply are listed below.

Total token supply fixed at 746,403,007.29 WPR

With the Ether (ETH) volatility over the last few months our token supply and pricing has been a frequently asked question. Since our public pre-sale back in October 2017 to this date, ETH price has ranged from under 300 USD/ETH to over 1,400 USD/ETH. In order to ensure fair and equal conditions to our contributors we have promised to fix the total token supply as well as price per token closer to the token sale date to mitigate ETH volatility risk. With one week left, we are setting them today.

Details on the token sale:

Taking the above into account, the token distribution is following:

0.2 ETH individual caps for the first 5 hours

The interest in WePower has been outstanding with over 70,000 whitelisted potential contributors without any slow down after the whitelisting was closed on the 17th of January, 2018. We closed our whitelisting with 49,000 confirmed people and we will add additional 1,000 randomly selected KYC completions done after the 17th of January, 2018. This brings the total number of whitelisted people eligible to participate in our token sale to 50,000.

In order to ensure a fair opportunity to participate for every single one whitelisted member we are setting an individual contribution caps at 0.2 ETH, which based on the fixed ETH rate for our token sale is equivalent to 200 USD.

This cap will be set for the first 5 hours of the sale starting on February 1st, 12:00 UTC. After the timeframe is over all unclaimed tokens will be moved to a general pool available at first come first serve basis for all whitelisted contributors. We believe that this setup will ensure an equal opportunity for all whitelisted investors.

VAT and token issuing company

WPR token is a utility token. From a tax law perspective, utility token is an asset, which might be subject to Value Added Tax (VAT). Few weeks ago we have managed to clear applicability of the VAT (21%) to our token sale with Lithuanian State Tax Inspectorate and obtained a written decision that this tax will not be applicable to the sale of WPR tokens.

Taking this into account, the issuing company will be WePower UAB, a company established and organised under the laws of the Republic of Lithuania, registered with the Register of Legal Entities of the Republic of Lithuania under the registration code 304449091, with its registered address located at Antakalnio str. 17, LT-10312 Vilnius, Republic of Lithuania (registered address Jogailos str. 4, LT-01402, Vilnius, Lithuania). The company is fully owned by WePower co-founders Nikolaj Martyniuk and Arturas Asakavicius. The management board comprises of Nikolaj, Arturas and WePower CTO Kaspar Kaarlep. WePower Ltd. established in Gibraltar will transfer all its rights and duties under existing contracts as well as assets to the Lithuanian company and will be liquidated.

Next week we will publish additional information on the participation in the token sale. Also, feel free to ask us any questions on our Telegram channel.

Thank you all for the awesome support once gain. Welcome to the Green family!

Join our 45 000+ community https://t.me/WePowerNetwork

WePower

Blockchain-based green energy procurement and trading…

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