Australian blockchain energy trading company Power Ledger has raised $34 million in an initial coin offering (ICO), the Australian Financial Review reported.

Using blockchain technology, the company seeks to enable households and buildings to trade excess solar power peer-to-peer to make power more distributed and sustainable for consumers. Its system tracks the generation and consumption of all trading participants and settles energy trades on pre-determined terms and conditions in near real time.

In the ICO, Power Ledger raised nearly $13.2 million USD from the public offer of 190 million POWR tokens. In addition, the company had raised over $17 million in two presales. Around 15,000 individual buyers have bought the token in the ICO.

“It's a really solid war chest to build the business, broaden the applications and really make some solid inroads in peer-to-peer trading," said chief executive Dave Martin, as quoted by AFR.

Power Ledger is testing commercial deployments in Auckland, Fremantle, and Busselton. Major Australian energy retailer Origin Energy recently announced a three-month trial with the company to explore the benefits and challenges of peer-to-peer energy trading across a regulated network.

In addition, Power Ledger is also trialing the technology at the Mahindra Tech technology park in Pune, India. The trial will begin in late 2017 and run for a period of twelve months.

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