Apple co-founder Steve Wozniak has launched a new company that promises to innovate in the energy sector through a virtual currency called “WOZX”.
We know, it sounds weird. But Wozniak hopes the new startup, Efforce, will help stop climate change by promoting “green” energy-efficient technologies. This is only the second time Wozniak has started a business since Apple launched with Steve Jobs in 1976.
“We can save the environment just by making more energy improvements,” Wozniak said in today’s announcement. “We created Efforce to be the first decentralized platform for everyone to participate and financially benefit from global energy efficiency projects, and create meaningful environmental change. “
So how will this actually work? Well, Efforce is supposed to act as a digital marketplace that companies can use to raise money for energy efficiency projects. This may include switching to low power LED lighting or adopting a better manufacturing process to save electricity.
“Companies will then have more cash available to use for other critical projects such as infrastructure or hiring,” said Jacopo Visetti, another co-founder of Efforce.
Specifically, Efforce plans to work with Energy Service Companies (ESCOs), which specialize in financing energy saving projects. Wozniak’s start-up will assess the investment needed for the projects, calculate the expected savings, and then craft a contract that details the returns for the company and investors.
“The platform then lists the crowd contribution project. Participants can join the project using fractional or whole WOZX tokens, ”Efforce added. The startup will then use special meters to measure the project’s energy savings and record them on the WOZX blockchain. The savings will be distributed across the investor profile in the form of energy credits.
“The energy savings generated become a tangible asset in the hands of token holders, who can decide whether to sell them or use them to reduce their electricity bills,” the company’s white paper says. “Through the wallet, energy savings achieved over time can be retained and spent to reduce their bill whenever the price of electricity is such that it should be offset.”
Although Wozniak is one of the six co-founders of the company, it is unclear what role he will play in running Efforce. For now, the startup’s website only lists him as an engineer. However, his name and presence will certainly increase publicity for a company that claims to be already valued at $ 90 million.
The company also listed the WOZX token on the HBTC cryptocurrency exchange yesterday, where it is currently trading at around $ 1.09 per token.