EnergyGlare is a project born out of the necessity for a major increase of investments in energy efficiency and carbon emissions treatment over the next 30 years in order to achieve the global carbon neutrality targets by mid-century. As nearly all countries and territories (196 parties) have joined the Paris Agreement, which is a legally binding international treaty, the next three decades will see a sharp rise of the demand for funding of carbon mitigation projects.
However, EnergyGlare is much more than a funding platform – EnergyGlare is building the world’s first ecosystem that includes all stakeholders – Project Owner, Investors and Energy Service Providers involved into a global marketplace.
In the heart of EnergyGlare is the blockchain technology, in particular a few different blockchain aspects – smart contracts implementation of ESCo and project verification, decentralization and streamlining of payments, digitalization of carbon assets.
EnergyGlare’s concept was first developed by Rumen Yordanov in 2019, who spent the last 15 years in the field of sustainability and building engineering in Europe and Asia, the last 10 of which, founding and running an engineering consultancy business. Soon after that Georgi Nastev, a software developer and manager with 15 years of experience in enterprise-grade software, and Eddy Tsang, a sustainability and energy engineer with rich experience in the private sector as well as in public policy and standard development, joined EnergyGlare. In the following months, Aaron Chung, a cryptocurrency and blockchain developer, Ren Xin, a China-based building services engineer, Audrey F, a marketing manager, Brighton, a community manager and JF, a legal advisor, joined the team.
Beyond the EnergyGlare core team, a panel of expert advisors is involved with various aspects of the project. These industry leaders will be announced gradually over the next weeks and months.
EnergyGlare Token (EGT) is the utility and governance token of the EnergyGlare platform and it is an ERC20 token:
Priority access
Holders of EGT will have priority access to the EnergyGlare services. The priority access is defined as follows:
- Project Owners
For every project, the Project Owner can opt for Priority Listing – placing the project in front of all regular projects. In order to activate Priority Listing, discrete multiples of 1000 EGT must be committed and locked until the project is completed or delisted from the platform. After the project is completed or delisted, the locked tokens are returned to the Project Owner.
- Investors
Some of the projects that accept limited number of Investors, will experience over-subscription. In these cases, investors who have subscribed can bid for a place in the project. Bids can be placed in discrete multiples of 500 EGT. Places will be distributed with priority to the highest bidders. The bid amount of tokens of the successful investors will be locked for the duration of the project. After the project is completed or delisted, the locked tokens are returned to the Investors.
- Service Providers
Service Provider, or the energy professionals, are a key group of stakeholders because they verify the accuracy and feasibility of the listed projects and in the next phases of EnergyGlare, they can bid, undertake and deliver projects. Their use of the token follows the utility logic for Investors.
The utility of EGT provides an incentive for long-term holding of for guarantees that the velocity of the token flow will be reduced
Governance
The EnergyGlare ecosystem seeks to achieve flexibility in its development and for this purpose involvement of the major stakeholders is critical. EGT provides voting rights for all holders as well as the right of nomination. Every holder of EGT can nominate another holder or themselves under one of the three main categories – Investor, Project Owner or Service Provider. After a nomination period (NP), the list of nominated users is open for voting as each EGT grants equal voting power. After completion of the voting period (VP), the most voted nominee in each of the three categories is elected on the EnergyGlare Representative Council (EGRC) with a term of service of 1 year.
During their tenure as members of the EGRC, the elected stakeholders will participate in the decision-making process of EnergyGlare platform strategic development, new functionality and market development. The members of the EGRC will operate under the terms of a Non-disclosure Agreement. EGRC will represent the EnergyGlare community at the highest level of EnergyGlare governance.
Only EnergyGlare tokens that have been kept for more than 30 days can participate in the governance votes.
Buyback and Burn
EnergyGlare Group will buy back EGT tokens from the open market annually and burn those purchased tokens permanently. With each instance of buyback-and-burn, EnergyGlare will provide a shrinking token supply. As a result, the price of the EGT tokens in circulation will continuously grow over time.
EnergyGlare Group will spend 20% of annual operating profits — calculated as trading profit less trading and operating costs and tax — to buyback and burn EGT tokens. The token’s smart contract includes a commitment to buyback-and-burn 50% of the total amount of tokens issued, which is expected to have positive short-term and long-term effects on the EGT token’s price appreciation.
The latest recommendations by the IPCC are presented in Special Report on Global Warming of 1.5 °C (SR15). SR15 was published on 8 October 2018. The report finds that “limiting global warming to 1.5 °C compared with 2 °C would reduce challenging impacts on ecosystems, human health and well-being” and that a 2 °C temperature increase would exacerbate extreme weather, rising sea levels and diminishing Arctic sea ice, coral bleaching, and loss of ecosystems, among other impacts. SR15 also has modelling that shows that, for global warming to be limited to 1.5 °C, “Global net human-caused emissions of carbon dioxide (CO2) would need to fall by about 45 percent from 2010 levels by 2030, reaching ‘net zero’ around 2050.
Our mission is to connect Project Owners, Investors and Energy Service Providers to provide the funding needed for achieving carbon net zero by mid-21st century – Mission Net Zero.
An energy service company (ESCO) is a business that provides a broad range of energy solutions including designs and implementation of energy savings projects, retrofitting, energy conservation, energy infrastructure outsourcing, power generation and energy supply, and risk management. ESCO is a model that is scientifically proven, standardized and in use for more than 50 years
The ESCO starts by performing an analysis of the property, designs an energy efficient solution, installs the required elements, and maintains the system to ensure energy savings during the payback period. The savings in energy costs are often used to pay back the capital investment of the project over a five- to twenty-year period.
After installing the energy conservation measures (ECMs), the savings created from the project must be determined. This process, termed Measurement and Verification (M&V), is frequently performed by the ESCO, but may also be performed by the customer or a third party. The International Performance Measurement and Verification Protocol (IPMVP) is the standard M&V guideline for determining actual savings created by an energy management program. Because savings are the absence of energy use, they cannot be directly measured. IPMVP provides 4 methods for using measurement to reliably determine actual savings. A plan for applying the most appropriate of the 4 general methods to a specific project is typically created and agreed upon by all parties before implementation of the ECMs.
How is ESCO related to EnergyGlare
A modernized and digitalized version of ESCO, implemented through smart contracts and blockchain transactions, is in the very heart of EnergyGlare.
According to the International Energy Agency (IEA), the Energy Efficiency market size is USD 250 bln per year (as of 2020) and it increases by 10% per year. In the period 2020-2025, the average annual investment in energy efficiency projects is projected to be 460 bln per year and in the period 2025-2030 the average cost of energy efficiency project is projected to be 640 bln per year (for the Sustainable Development Scenario). Energy efficiency spending will keep increasing to reach the target of carbon neutrality in 2050.
According to the Special Report on Global Warming of 1.5 °C by the United Nations’ IPCC, total annual average energy demand investments are projected to be between 640 and 910 billion for the period 2016 to 2050.
Everyone! But to be more specific, a group of users called Investors can apply, subscribe and invest in the projects listed on EnergyGlare. Investors can be both retail and institutional as EnergyGlare provides tools and functionality for both of these varieties. EnergyGlare’s vision is to liberalize the energy efficiency market and to enable all classes of investors to participate in this most ambitious global effort of our time.
Every owner of a building, business, industrial or any other process that uses energy (electricity, petrol, kerosene or any other form of energy) and generates carbon equivalent emissions, can define an energy saving project following the EnergyGlare templates and list it on the platform. The requirement is that EnergyGlare only supports projects that result into reduced energy consumption.
The EnergyGlare templates and tools for Project Owners are here to guarantee project format consistency and a balance between comprehensiveness and simplicity. Every project will have an investment cost, energy conservation justification, payback period and return on investment among other key parameters for Investors to review and analyze.
Yes, EGT will have an ICO, stay tuned to our official channels for the details.
There are two ways to obtain EGT at the moment:
- Private Sales for investors (contact the official channels for enquiries)
- Airdrops for followers and supporters (stay tuned to our channels for details and announcements)