EGCO Invests in “Peer Power” to Strengthen Its Blockchain-Based Energy Trading Platform
EGCO has successfully acquired 24.24% stake in Peer Power, a fintech startup established in 2016, to strengthen its blockchain-based energy trading platform
Electricity Generating Public Company Limited (SET: EGCO), announced that the Board of Directors of EGCO held on November 25, 2021, approved an investment in Peer Power Company Limited (Peer Power) for acquiring a stake of 24.24% of the total issued number of shares of the company on a fully diluted basis. The transaction is completed on December 21, 2021.
Peer Power is a fintech startup established in 2016, focusing on an online electronic platform for bond and equity crowdfunding that connects investors to Small and Medium-sized Enterprises. Peer Power is the first platform which has obtained the first crowdfunding license from the Securities and Exchange Commission since 2019.
EGCO plans to introduce blockchain technology, which Peer Power has been developing to enhance its business efficiency and reduce the cost in its financial services, into a blockchain-based energy trading platform to support the incoming changes in the decentralized energy trend. In addition, EGCO will collaborate with Peer Power benefiting from the core business competency in the power sector to further provide renewable energy source for Peer Power’s Data center.