XPC today begins its fund raising for USD$10 Million for its Flywheel Energy Storage operations.
XPC plans to scale up flywheel energy storage units to grid size, manufacture, test, construct on site facilities, install, operate the flywheel energy storage units and market the stored energy. The business model is to: "Capture wasted electricity with flywheel energy storage units and reintroduce the captured electricity back into the grid as a power producer”. Revenue will be earned for the sale of the captured electricity through Power Purchase Agreements (PPA’s) with the Grid/Utility and the sale of Energy Power Packs. One (1) Energy Power Pack = 1,000 KWh of electricity. The energy sector is moving in the direction of Transactive Energy whereby the electricity is sold using blockchain technology.
The Use of Proceeds are as follows:
Phase I - $10 Million, Seed funding -Debt Financing
Phase IA - $1.5 Million – Pre-development of the blockchain architecture for the Energy Power Pack with Blockchain developers such as IBM, commence establishment of the blockchain ecology and market for Phase II and Phase III, pre-selling up to 1 billion blockchain Energy Power Packs (EPP’s). Timeframe – 6 to 9 weeks.
Phase 1B - $8.5 Million – Kickstart the engineering and business development of the Flywheel Energy Storage (FES) system while Phase IA is being executed. Includes engineering for scaling up the FES to grid capacity, negotiating Power Purchase Agreements (PPA’s) with grid/utilities, office furniture and equipment. Timeframe: 3 – 6 months.