Restart Energy inks JV with Interlink Capital Strategies
Restart Energy, one of the largest independent suppliers of electricity and natural gas in Romania, has entered into a joint venture with Interlink Capital Strategies to develop US$500 million dollars in green energy in Romania and neighboring countries as well as to expand into the US market through an innovative blockchain electricity trading platform.
The investment for Romania will finance the acquisition and development plans of 500MW of renewable energy projects by the end of 2025. Restart Energy, which plans to acquire and develop 100MW of solar, wind, biogas, biomass, and geothermal energy projects per year, will seek annual investments of approximately $100 million with Interlink acting as a strategic funding advisor.
The two companies decided to further strengthen their relationship by becoming partners for expanding the Restart Energy business into the American market by launching together in USA the Restart Energy Democracy (RED) platform, an online energy trading platform based on blockchain technology that allows peer to peer transfers between energy producers and final consumers, launch a fully digital energy business franchise and carbon credits system for renewable energy production and consumption.
The RED Platform was launched in 2019, initially in Romania Restart Energy's home market where it has the highest customer base of approximately 30,000 household customers and 5,000 corporate customers.
“This partnership will provide access to US capital and accelerate Restart Energy’s goal of providing 1 Bil. KWh of clean and affordable renewable energy for 300,000 consumers in Romania and Europe by 2025.
Armand Domuţa, CEO and founder of Restart Energy, said the joint venture will enable it to help reduce the carbon footprint with 750m Kg CO2 per year and at the same time, become the first fully sustainable energy supplier in Romania delivering 100 percent locally produced green energy to its customers, while also allowing Restart Energy to enter the US market "with its innovative blockchain platform, where we will have access to a mature and technology-oriented market".
Alan Beard, Interlink’s Managing Director, said Restart Energy is an innovative company at the forefront of combining renewable energy supply and marketing through technology, vision and purpose, making renewable energy more available and accessible to all.
"What attracted us to this partnership is not only RED - a proven platform based on blockchain technology - but the entrepreneurs and their purpose-driven vision of improving access and proliferation of renewable energy, which is compatible with Interlink’s mission. The RED business model will bring to the USA a new, and improved approach to how renewable energy is financed, produced, and consumed which we believe will improve access to renewable energy, and ultimately benefit our climate."
In parallel, the investment in the Restart Energy’s plans in Europe will allow it to develop additional renewable energy assets, especially since Restart is already active in Romanian and Serbian markets with intention to expand this year in Germany and Spain, added Beard.
This partnership will be operated through Restart Energy Innovative Technologies AG (REIT AG), a Swiss-based holding company and ecosystem of innovation that funds, researches, and develops energy-tech ventures part of Restart Energy group of companies.