Lithuanian blockchain platform WePower filed for bankruptcy

Lithuanian blockchain platform WePower filed for bankruptcy. The court did not find any improvement in the company’s financial situation. Besides, according to public information, WePower has not been operating for some time.

The CEO of the startup Nikolaj Martyniuk wanted to file for bankruptcy in January 2023. According to his profile on Linkedin, he was a co-founder and CEO of the company from 2017 till July 2022.

The company raised $40M in 2018 in its initial coin offering (ICO), but the tokens issued then are now practically worthless.

The company was founded in 2018 by Nikolaj Martyniuk, co-founder of the Lithuanian marketplace for venue operators Breezit Artūras Asakavičius,  and Kaspar Kaarlep. WePower developed an electricity blockchain-based trading platform. It fueled renewable energy production by enabling developers to raise capital by selling their energy production upfront in the form of tradable smart energy contracts (tokens). WePower enabled project developers to operate as banks and receive necessary capital by directly selling their future energy production to an aggregated group of energy consumers or investors.

WePower had two offices in Lithuania and Estonia. Its strategic partners included Estonian electricity and gas system operator Elering AS.