Here’s more proof that having the word blockchain in your
company name may not equate to long-term success. Blockchain Power Trust, a
provider of renewable energy offerings, has announced plans to change its name
to Jade Power Trust in order to ‘better align’ with its core strategy.
The reason for the change is more practical than anything else:
the company stopped mining cryptocurrency in October 2018 and has no plans to
restart its operations. As of today (October 4), the company will trade under
the ticker of JPWR.UN and JPWR.WT.
“Restarting operations would require substantial ongoing
capital investment to remain competitive and would not have a predictable operating
margin associated to it,” the company said in a statement. “Conversely,
management believes that the fundamentals of the renewable energy sector in
Romania and the EU generally continue to trend very favourably to the benefit
of the Trust and its unitholders.”
The move ends an almost two year dalliance with the technology and ‘blockifying’ the company’s name. Prior to Blockchain Power, Jade Power was known as Transeastern Power Trust, making the initial change in December 2017. At the time Colter Eadie, chief executive, said in a statement the change of name would ‘better reflect the Trust’s expansion into cryptocurrency mining powered predominantly by its self-generated, 100% renewable energy.’
“We believe that the name Jade Power is better aligned with
our core business and strategy,” said Eadie this time around. “We continue to
focus on our renewable asset portfolio and are very pleased by the continued,
consistent and on-target performance of our assets to date.”
Industry watchers will recall the initial buzz made – also at
the end of 2017 – when Long Island Iced Tea Corp changed its company name to
Long Blockchain Corp. That buzz turned into something of a hangover in
June when the Nasdaq stock market announced it would delist the stock,
accusing the company of misleading investors. In July of this year, it
was reported that the FBI was looking for evidence of insider trading and
fraud related to the move.
This new moniker, while being ‘better aligned with the Trust’s continued focus on renewable energy production’ in the company’s words, may have competition for brand awareness, given a UK-based model shares the name.
Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.
The post Bye bye block word: Blockchain Power Trust changes name again to renew focus on renewables appeared first on The Block.
Credit: Blockchain News
