Apple co-founder Steve Wozniak launches a crypto startup to help fund green projects

Apple co-founder Steve Wozniak's has launched a new blockchain platform, Efforce, with a self-branded token, WOZX, that allows investors to benefit from energy savings by renewable projects worldwide.

Apple co-founder Steve Wozniak launches a crypto startup to help fund green projects

Apple co-founder Steve Wozniak's has launched a new blockchain platform, Efforce, with a self-branded token, WOZX, that allows investors to benefit from energy savings by renewable projects worldwide. The company says investors have valued it at $80 million valuation in private sales, and the WOZX token shot up nearly 39% over the first 24 hours on HBTC exchange. The company’s goal is to use blockchain to "improve the way we use energy and lower energy consumption without changing our habits," Wozniak said. Efforce aims to use a token help energy-efficiency projects get funding easier. The company is registered in Malta because the Apple co-founder said he had long wanted to invest in the region. "It has been on my mind for decades. Like no other place in the world," he said in an interview. The crowdfunding approach will allow anyone to invest in the massive $250 billion energy efficiency market. When someone buys WOZX, they’re buying a proxy for a stake in an energy efficiency project such as an upgrade to an energy grid, replacement of LED lights, thicker insulation in a building, and more efficient power generators. Energy services companies register their proposed projects with Efforce, which assesses the required investment and writes a contract outlining expected returns, then lists the project for investment. The WOZX token represents a share in a project's revenue which will be distributed as credits to investors that they can use to offset electricity bills or exchange for cash. Energy savings projects typically generate returns around 20%, says Andrea Castiglione, another Efforce co-founder, and predicted that investors might earn up to 10% per year. Wozniak is 70 years old and has a net worth of about $100 million.