Co-founder of Apple launches blockchain green tech company
The co-founder of Apple, Steve Wozniak, is launching his second company, Efforce, to transform and disrupt the energy efficiency market, 45 years after starting the consumer electronics computer firm.
His new business had a token listing that sent its market capitalisation to $950 million in the first 13 minutes, which was 10 times the listing price.
The company had received an initial valuation of $80 million by investors in private sales.
Efforce is a marketplace that enables companies to undertake energy efficiency measures at no cost so that they can invest their liquidity in more critical tasks.
"Energy consumption and CO2 emissions worldwide have grown exponentially, leading to climate change and extreme consequences to our environment,” said Wozniak.
“We can improve our energy footprint and lower our energy consumption without changing our habits. We can save the environment simply by making more energy improvements.
"We created Efforce to be the first decentralized platform that allows everyone to participate and benefit financially from worldwide energy efficiency projects, and create meaningful environmental change."
The company added that currently, financing energy efficiency measures can be a complex mix of financial and regulatory challenges that limit the speed of growth.
Wozniak’s new business uses a web-based platform to leverage the blockchain, and tokens called WOZX, as the mechanisms to create a seamless platform to spur global energy efficiency. Efforce's WOZX tokens were listed on Hbtc.com.
"In these difficult times, many small companies are struggling," said Jacopo Visetti, project lead and co-founder, Efforce.
"They can't afford to switch to LED lighting, streamline production processes, or even insulate to conserve heat, all of which could save them money in the long term.
“Efforce allows business owners to safely register their energy upgrade project on the web and secure funding from all types of investors around the world.
“The companies will then have more available cash to use for other critical projects such as infrastructure or hiring."