ICO

Blockchain ‘waste to energy’ company 4New raises $25 million in 8 days

4New - waste to energy - blockchain
(C) iStock.com/AnnaFrajtova

4New, the world’s first blockchain integrated ‘waste to energy’ company, has raised $25 million within eight days its presale launch.

The company targeted institutional investors with its presale round, and secured investment from from a “leading US private equity fund with over 400 million in assets under management”. The funds will be used to buy 4New’s first site and the equipment needed.

In a press release, the company said:

“In the midst of a volatile ICO market often plagued by fraud and illegitimacy, 4NEW has been able to demonstrate to its institutional investors a unique framework of self-governance in addition to government regulations and processes imposed upon the waste and energy industries collectively.”

4New aims to provide a complete blockchain integrated, scalable and localised solution for waste to energy conversion. By moving the entire supply chain onto the blockchain network, the company wants to “create economies of scale and transparency” that is passed on to the end consumer. The end goal is the generation of savings and confidence in the entire supply chain.

What is waste to energy?

Waste to energy is the process of using by products or waste as fuel for the generation of power. 4New wants to build a blockchain platform on top of the underlying treatment infrastructure, covering everything from the collection of waste to the actual generation of electricity to the sale of energy units to the national grid or other consumers.

The company intends the scale up globally, although the initial base of operations will be in the UK. The funds secured from the initial round of investment will be used to fund the company’s first site.

The UK’s waste management industry has an annual turnover of $11 billion with approximately 200 million tonnes of waste processed. According to the Institution of Mechanical Engineers, the UK is facing an ‘energy gap’ in a decade, where demand for electricity with begin to outstrip supply by more than 40%.

CEO, Sandeep Golechha, said:

“With a global plan to scale this localized solution addressing the waste surplus and the energy shortfall crisis, 4NEW will not only revolutionize the blockchain network but also standardize digital assets as a means to transact business within a conventional setting making 4NEW the global utility token.”

4New will launch their ICO on 15 November 2017.

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