Swedish electric car company launches own cryptocurrency certified to Green Bond standards

Uniti, a Swedish electric car company, has announced it is launching its own cryptocurrency to fund the development of an electric vehicle, with the currency tokens certified according to the Green Bonds Principles, which underpin the global Green Bonds market that was initiated by Swedish bank SEB.

In another twist, the issue will consist of Uniti Green Tokens (UGTs), that can be redeemed for access to the data generated by the proposed vehicles starting in 2019. Thereafter, the redemption options will diversify. Uniti claims that this is the first initial coin offering (ICO) involving a cryptocurrency that has gained the relevant Green accreditation. That accreditation in turn flows from the objective of cutting carbon emissions by producing the electric vehicles.

Uniti is being helped with the certification of the tokens by “the digital assets team at PwC and under the legal advice of Baker McKenzie”. Further information on the issue is available from uniti.earth/ico.

Currently, the vehicle is intended for launch on 7 December 2017 with deliveries scheduled for early 2019, Uniti said. According to concept pictures, the vehicle will look something like that in the picture below:

 

 

 

SEB issues first green bond

SEB joins lead managers on €500m green bond from NIB

 

ABOUT THE AUTHOR
Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 16 years he has been based in London writing about funds and investments . From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope.

Read more from Jonathan Boyd

preloader
Close Window
View the Magazine





You need to fill all required fields!