NewX Energy to Convert Power Plants Into Smart-City Service Providers
Christien New, founder of NewX Energy, looks to transform power plants into multi-service providers that can offer banking, shopping, and digital solutions to smart-city ecosystems.
NewX Energy will bring blockchain, token economy, more transparency, frictionless payments, global liquidity, and diverisified revenue streams to traditional electricity plants in Indonesia and beyond. For example, the firm will offer services ranging from banking and shopping, as well as build a smart city ecosystem that leverages power plants turned into multi-service providers.
Boosting Efficiency and Improving Transparency via Blockchain and Tokenization
NewX Energy is led by Christien New, chairman of Bintan Power Plant in Indonesia. He is joined by Kenneth Lee, chief technology officer. Mr. Lee is founder and CEO of Four Directions, a successful tech company in Hong Kong. Novy Kottalewala is the COO. He held director positions in several investment companies in Singapore.
“The founding team’s vision is to deliver exceptional value and improve user experiences in the energy sector,” says Christien New, founder and CEO. “Blockchain and tokenization can boost efficiencies, transparency, and liquidity.”
Disrupting a Status Quo Business
To create a token economy, the venture will create a loyalty program for energy customers. USDN and NXE tokens will integrate with frictionless payments, blockchain records, online shopping, and other services. NewX Energy will also offer credit and debit cards, as well as related financial services in remote, unbanked regions.
Tokenization can remove barriers to public investment, as well as change how energy is developed, distributed, and financed. The venture’s dual-token model consists of a loyalty token called USDN (pegged 1:1 to U.S. dollar) and utility token called NXE.
With USDN, a user can earn tokens to purchase goods and services; earn electricity discounts and shopping vouchers; and stake for rewards including NXE and Bitcoin. NXEs are also used to power blockchain nodes and create network consensus on transactions.
In the energy sector, the use of blockchain can enhance security by immutably recording data; facilitate global third-party liquidity; and decrease costs due to smart contracts’ elimination of middlemen.
The group is planning to form an energy investment fund in Singapore, U.S., Russia, and Middle East.