Sorainen assisted WePower, a blockchain-based green energy trading platform, in obtaining a ground-breaking ruling from the Lithuanian tax authorities confirming favourable VAT treatment for issuance of cryptographic tokens. The Lithuanian tax authorities issued a positive ruling confirming that ICOs are VAT-exempt, thus allowing the client to save up to USD 7 million. WePower raised USD 40 million from almost 23,000 contributors in its February 2017 ICO.
WePower helps renewable energy producers to raise capital by issuing their own energy tokens. WePower connects energy buyers (end users and investors) directly with green energy producers and creates an opportunity to purchase energy upfront at below market rates. WePower has developed Ethereum Smart Energy contract tokens to standardize, simplify and globally open currently existing energy investment ecosystem.
The client was advised by partner Saulë Dagilytë, senior associate Indrë Šèeponienë and associate Gerda Skirbutienë.