News
What is happening?
penomo has built an app for companies and individuals looking to tokenize their green energy assets (RWAs) and connect it with peaq’s testnet agung, completing the Ecosystem Grant Program.
Why is this important?
penomo has laid the last brick on the foundation that will allow it to move ahead with the project, conducting proof-of-concept trials and demos, making another stride toward launching on peaq.
What does it mean for the community?
penomo’s launch on peaq is set to bring millions worth of tokenized green energy assets (RWAs) into the peaqosystem, unlocking more options for Web3 investors, and bringing more liquidity and network activity on peaq, creating value for everyone.
The global renewable energy market is estimated to surpass 3 trillion by 2030. Sustainability is the name of the game these days, after all, not just as a comfy buzzword, but as an actual need and want. Often, though, the companies looking to provide this sustainable energy lack the funds to cover the upfront costs of scaling — and struggle with diversifying their revenue streams.
penomo is here to change the equation. Experienced peaqonauts have likely heard about the project by now, but for everyone else, here’s a quick intro. penomo is a platform for tokenizing green energy real-world assets (RWAs). Batteries, solar panels, entire power plants, you name it. With penomo, you can issue tokens representing a share in the revenues generated by these RWAs and offer them to Web3 investors. This enables green energy projects to accumulate the liquidity they need to get up and running and gives them more options in monetizing their RWAs.
After building the first version of its investor portal and deploying its smart contracts on peaq’s testnet agung, penomo has made another major stride toward launching on peaq. Now, the project has built the first version of its company platform, which enables RWA owners to tokenize their assets and offer the tokens to investors.
Before putting the tokens up for grabs, the RWA operator would first have to set up a profile. They would also have to submit the project documentation for penomo’s legal review — a measure to ensure compliance and weed out possible malicious actors. Once vetted and approved, the project’s token goes live on the peaq blockchain, ensuring the decentralization of the process. As investors review the project and contribute liquidity, the RWA operator can withdraw it to a bank account or a crypto wallet and put it to work toward the project’s operational needs.
The platform is already compliant with the German regulations on tokenization, and will be expanding to more European jurisdictions soon. Ultimately, penomo is aiming to extend its reach to every corner of the world, offering communities and companies a global, borderless tool for RWA tokenization.
The 4th and final milestone of penomo’s Ecosystem Grant Program is complete.
“We are immensely proud of the progress we have been making so far. Now, we have the foundation in place and can start building up on it towards the launch on peaq. peaq’s Ecosystem Grant Program has been instrumental in bringing structure to this process, and the support we received with it has been of immense help for penomo’s takeoff.”
— Jasvir Dhillon, co-founder and CEO of penomo
As the next steps, penomo will further polish off the interfaces for both the company and investor portals and integrate a compliance solution. It will also work on several proof-of-concept projects with partner companies, showcasing the capabilities of its platform, and eventually launch on the peaq mainnet, which is going live in early 2024.
