Duke Energy has announced that it is launching a new crypto-based ICO that aims to raise $1 billion in the first quarter.
This ICO will cover the capital cost of its Powerpack EV charging station and the acquisition of a 30% stake in Duke Energy’s Powerpack battery storage business.
Duke Energy said in a statement: “Duke Power is proud to announce that we will launch our first-ever crypto-token investment on March 12th.
The company will offer investors a range of unique and exciting opportunities for investing in the electric grid, including an all-in-one energy storage solution that will drive long-term value creation and reduce demand for electricity.”
The company says it will issue shares to holders through an ICO.
The ICO will be conducted on the Ethereum blockchain, the same system used by major cryptocurrency exchanges and platforms.
The ICO will begin on March 1st at 10am ET and run until March 11th.
DTE Energy will issue 1,500,000 shares to each person, the company said.
This is the second crypto-related ICO launched by Duke Energy.
In July, the utility announced it was launching a Crypto ICO called REVISE that will issue 3,000,000 DTE shares.
The REVise ICO is set to launch on March 15th.
In addition to REVIVE, DTE is also launching a crypto-backed bond on the New York Stock Exchange.
As the world’s largest utility company, Duke Energy and Duke Energy Powerpack are among the largest coal-fired power plants in the world.
They are also one of the biggest producers of fossil fuels in the United States.
Duke has invested in coal plants in Pennsylvania, Kentucky, Indiana, Ohio and Wisconsin.
Duke also owns the largest oil and gas exploration and production properties in the nation.
On its website, Duke said that the company will use the proceeds of REVIZE to fund the acquisition and development of a solar energy system that will generate power for homes, businesses, schools and other entities.
“We will use REVIE to leverage our expertise in solar technology to build solar PV arrays that will ultimately power thousands of homes, schools, businesses and more,” the company wrote.
It said that REVIES token holders will have the ability to receive up to a 2.5% return on their investment.