28 Sep Greenstorc CEO Addresses UN Panel
Greenstorc CEO Paul Flynn joined Dascoin CEO Michael Matthias have told a special UN panel both companies will support the international organisation’s global Sustainable Development Goals.
Greenstorc was invited to participate in the briefing to explain our ambition to bring clean, affordable energy to remote areas in emerging nations.
“People care about people,” Paul told the panel.
“People want to help. But they also need to know where that money is going. They want transparency. They want to know the impact they are having in those communities.”
Here is the full transcript of Paul’s address.
Thank you very much for having me here.
We are a power generation company. We're a partnership, we're privately funded to commercialise our technology. And we create microgrid solutions - small power generation solutions between 100 kilowatts to maybe a megawatt.
In Europe and the United States that's not very exciting. Because we can create baseload power solutions, if you go into emerging markets what we can do with 500 kilowatts, we can supply 2000 people with electricity.
I've been to the Uganda Congolese border. I've been to the border of Kenya and Somalia.
Wajir is a county that is not connected to the National grid. Ninety per cent of the population there doesn't have any electricity. They use diesel generators, so the poorest people in the world there pay $US4 per kilowatt hour. In the Netherlands, people pay $0.08. In London, people pay 15 pence. These people in Kenya pay $US4.
We will give it to them for 7 cents - and we can do that in a matter of months. Now, this is very very exciting at a very very small scale. But for large power generation companies, they just can’t think at that level. They can’t build these distributed power systems.
The Beauty of the Blockchain
We had the option of raising equity and then be shareholder driven and profit-driven which would mean they obviously wanted us to do these projects in Germany, where it’s safe and we get more money. But by working with the communities, by using the transparency of the blockchain and using a smart contract protocol - the Premium Token - we are basically rewarding participation based on our growth.
So, the profitability becomes our problem. We want to be a social impact organisation. In this project I mentioned - 500 kilowatts just as a beta test - €1.5million was all we needed. What's the impact they’re having in those communities?
And there are so many small organisations that are living under the guidelines of the United Nations that want to help achieve these goals. But they need that transparency of action and that's what the blockchain gives.
The Greenstorc Business Model
We are not a charity. We are operating on a profitability model. This gives us the speed and flexibility of a for-profit organisation to find projects that make sense, that are sustainable, economical and ongoing.
We create private-public partnerships with governments. Kenya, Uganda have signed up. I’ll be in Liberia and various other countries. Simply, if we had an equity model and shareholders, obviously Germany is more profitable - and France, Switzerland. And they’re safe places to go.
But, with the Premium Token, our KPI and the reward we give for participation and support is our growth. We have more growth opportunity in emerging markets. That’s where the growth is. So, now we’re rewarding that support by growth. Actually, in terms of the rewards and the returns to the community that supports us, Africa suddenly becomes more interesting than us dealing with all the paperwork in Germany.