Solar Bankers

Solar Bankers
Since 2017, we saw numerous companies from the electricity/energy sector entering the blockchain and cryptocurrency space. Some of them are well-known like Power Ledger, Electrify.Asia, WePower or SunContract, while other companies are still flying under the radar like SolarBankers, Pylon, KWHCoin or Irene Energy. Most of these companies have their vision of a decentralized energy trading marketplace in common, but the scope of each project differs from the others nonetheless. With the world-wide energy market having a size of multiple trillion US Dollars,1,2 there should be enough space for all of these projects. In my new section “Energy”, I will present you articles about multiple energy companies in the cryptocurrency space. The first one is about Solar Bankers, who have won the community voting on my Twitter page.

What is Solar Bankers?
Solar Bankers is a Singapore-based company that was founded in 2008.3,4 Prior to its initial coin offering in late 2017, the company spent multiple years on the research and development of photovoltaic (solar) modules. They have developed an innovative photovoltaic solution, that is highly competitive due to its cost-efficient and high-performing technology, on which they hold international patents for.5,6 They also aim to pair this technology with smart meters,7 to enable customers to produce and consume energy in a decentralized fashion through their energy trading app, which will use their token SLB as their application currency.8
Solar Module
Let us go more into detail on what Solar Bankers is doing, starting off with their energy-producing devices. As the company name already implies, Solar Bankers is focused on solar technology, for which they offer a variety of devices. Their flagship product is their solar panel DPV (Deflecting Photovoltaic). It is designed to endure high temperatures and is therefore 30% more efficient than standard solar modules. Core elements of DPV are the use of a holographic foil in combination with the use of a significantly lower amount of silicon than in regular solar modules, which makes its production costs 50% less expensive in comparison. Its maintenance costs are reduced as well, by using a self-cleaning surface, that reduces the amount of dust/sand on the module. Its durability is proven to be over 25 years.9,10
Other Devices
In addition to DPV, Solar Bankers offers five other physical products. The first one is a concentrator called ‘Umbrella’, which offers a concentrating film that can be placed above standard solar modules to improve their efficiency.11 The second product in this list is an energy generating solar tile, which can be mounted on rotating cubes that follow the motion of the sun to generate as much electricity as possible.12 The third product is an energy generating solar window, which is covered by a fully transparent, nano-structured film, that redirects a part of the incoming light onto solar cells, which are integrated in the window’s frame.13 Product number four is a light recycling module, that recycles artificial light and converts it back into electricity by using a holographic film that redirects a part of the light onto mounted solar cells.14 The fifth and latest addition to this series of products is the Solar Bankers Node, that consists of a solar panel, a battery and a Raspberry Pi, enabling the device to run on solar power only.15
Renewable Energy Blockchain
With their solar nodes, Solar Bankers aims to establish a blockchain powered by renewable energy. The project operates on its own blockchain on top of Skycoin Fiber. It is therefore capable to perform 300 transactions per second and incentivizes tokenholders with a parallel currency called SLB hours (each SLB receives 1 SLB hour per hour). These SLB hours can be used to pay transaction fees, which makes transactions on the Solar Bankers network basically free. Once enabled to be transferred independently, the SLB hours might also offer other use cases in the future.16 The Solar Bankers node itself acts as a peer node in the network and rewards operators initially with an amount of 0.4 SLB per hour.17,18
Over the last two years, Solar Bankers has secured partnerships all over the world. In March 2017, the company signed a joint-venture agreement with US Clean Technologies (USCET), to develop a hologram-based technology, that is projected to generate up to 300% more electricity compared to standard fixed systems.19 In July 2017, the team kicked off a pilot project in Dubai together with the Dubai Electricity and Water Authority (DEWA) to do performance testing of their devices in a high temperature environment.20 In December 2017, Solar Bankers has made an offtake agreement together with a Swiss partner company for a Lithium mine in Mongolia. The extracted resources from that mine shall be used to promote innovation in battery solutions for solar energy.21 In March 2018, the Solar Bankers team kicked off a microgrid pilot project in Turkey in cooperation with Turkish company Enerclever to equip an area of 15 buildings with their solar devices and Enerclever’s smart meters.22,23 In June 2018, the team announced their latest project, in which they aim to power 70 thousand households in Nigeria in an initiative financed by the World Bank.24
Having developed and patented innovative solutions in the solar modules market, Solar Bankers is one of the few companies in the cryptocurrency space, that is backed by several physical assets. They offer a variety of products including different energy generating devices as well as a performance increasing concentrator. Together with a smart meter (that is currently provided by a third party), their energy trading app and their own token SLB, Solar Bankers offers customers all necessary products to provide and consume energy. They also address the problem of major cryptocurrencies wasting huge amounts of energy due to their consensus algorithm proof-of-work and aim to provide a blockchain powered by renewable energy. On top of all this, they have secured partnerships all over the world and kicked off pilot projects in Turkey and Dubai. The first mass usage of Solar Bankers’ devices will happen in Nigeria, where they will provide 70 thousand households with renewable energy.

Sources – Energy Market
“A cumulative $44 trillion in investment is needed in global energy supply in our main scenario, 60% of which goes to oil, gas and coal extraction and supply, including power plants using these fuels, and nearly 20% to renewable energies. An extra $23 trillion is required for improvements in energy efficiency.”
International Energy Agency; Official Website; World Energy Outlook 2016: Executive Summary; 2016
“For 2016, the global advanced energy market surpassed $1.4 trillion in 2016, a 7% increase compared to an updated 2015 total of $1.3 trillion.”
Advanced Energy Economy; Official Website; Market Report Shows Record $1.4 Trillion Global, $200 Billion U.S. Revenue for Advanced Energy and Highlights Five Trends Shaping the Future; March 2017
Sources – General Information about Solar Bankers
“2008: Company Foundation”
Solar Bankers; Official Website; Project Timeline; 08.08.2018
“Solar Bankers (legal name Solar Nanotech PT LTD) is registered with MAS in Singapore.”
Solar Bankers; Telegram; Channel: Solar Bankers (SLB); 24.12.2017
“The Arizona-based Solar Bankers LLC and its Dresden-based affiliate Apollon GmbH & Co. KG have commonly developed a game-changing module technology that will impact the entire solar industry. A prototype of the high-efficiency concentrated solar module composed of a silicon cell and a holographic foil is now finished. The new innovative module has already been patented in the US. It is ready to be produced at values defying today’s market prices while generating twice as more energy as regular solar modules. Thanks to its patented technology, production costs for this solar module are even significantly lower as other manufacturers including Chinese ones. Reaching parity with fossil fuel energy prices is now reality.”
Solar Bankers; Official Blog; Game-Changing Innovation for the Solar Industry; 31.03.2013
“Solar Bankers’ proprietary solution addresses the major downsides that make today’s photovoltaic technologies unprofitable. These disadvantages mainly arise from the high relative costs of the core raw material, silicon, as well as losses of efficiency caused by unsolved design challenges (e.g. cell spacing and shadows). Solar Bankers uses a unique concentrated technology that focuses incoming light rays to overcome these obstacles.”
Solar Bankers; Official Blog; Taking Solar Power to the next Level – Interview with pv magazine; 19.05.2013
“The distribution of electricity is regulated by Solar Bankers’ smart meters. These are devices that record the production and consumption of energy within a particular nucleus (house, building, solar park etc) and distribute the energy among the different nodes within the network.”
Solar Bankers; Official Website; Whitepaper; 2017
“Solar Bankers’ answer is to develop a global network of self-sufficient, decentralised, renewable energy communities. These communities come together in SunChain, the Solar Bankers energy network where energy producers and consumers use Solar Bankers coin to buy and sell renewably generated electricity. In Solar Bankers’ distributed energy system, consumers generate electricity in their homes using Solar Bankers’ photovoltaic products. They can then trade their energy with other members of their energy community through localized smart grids. Members of the pool use Solar Bankers coin to either purchase Solar Bankers’ energy-generating technology with the intent of generating their own energy, or they can use the coins to buy clean electricity. In any given community, some members will choose to actively produce clean energy and sell any excess to the network, whilst others will choose to act solely as consumers buying clean, locally produced energy.”
Solar Bankers; Official Website; Whitepaper; 2017
Sources – DPV
“This approach reduces the amount of silicon required in the production process by over 90 % and simultaneously raises the efficiency of the individual PV cell to unmatched levels. Using a holographic film, Solar Bankers’ module is currently able to focus light rays by a factor of 10. Existing technology will increase this figure up to an estimated factor of 30, while the amount of silicon will be reduced further, from 10 % to 5 % of that used in a conventional solar panel. Solar Bankers uses materials that provide a sunlight conversion rate of 28 %, placing it well above standard silicon cells (17 %) and the latest thin-film modules (8 %). In 2011, Solar Bankers was also granted a U.S. patent for a high-concentration refraction module with an integrated inverter. The low production costs and high-efficiency allow rates as low as 65 U.S. cents per Watt, a phenomenal price for solar power.”
Solar Bankers; Official Blog; Taking Solar Power to the next Level – Interview with pv magazine; 19.05.2013
“Solar Bankers’ Holographic Module, also referred to as Deflecting Photovoltaic (DPV), is a solar panel designed for high temperature environments that enables higher performance at a lower cost when compared with standard solar modules. … Solar Bankers’ module is up to 30% more efficient than standard panels at high temperatures; Solar Bankers’ DPV module uses only 25% of the silicon used in standard panels (silicon is the most expensive components in solar modules); Solar Bankers’ module is tested by the Fraunhofer Institute and has a proven durability of over 25 years; Solar Bankers’ module implements a highly hydrophobic film that renders its front surface self-cleaning and thus significantly reduces dust/sand deposition, which usually incurs high maintenance costs.”
Solar Bankers; Official Website; Devices; 15.08.2018
Sources – Devices
“Solar Bankers’ Concentrator is intended for use in combination with standard modules to improve their efficiency and achieve greater energy output. The Concentrating Film, referred to by the name ‘Umbrella’, applies the efficiency-maximising technology used in the Holographic Solar Module to existing installations.”
Solar Bankers; Official Website; Devices; 15.08.2018
“Solar Bankers Tile is a building component that generates electricity out of sunlight. Similar to our solar module, it consists of a 3-cm thick aluminum box that integrates Solar Bankers’ holographic film and silicon stripes. The tile is mounted on rotating tubes, which follow the apparent motion of the sun to generate electricity throughout the whole day. Solar Bankers tiles can be installed both in vertical and horizontal configurations.”
Solar Bankers; Official Website; Devices; 15.08.2018
“Solar Bankers’ Window is a fully transparent window that generates electricity out of sunlight. Solar Bankers’ nano-structured film covers the surface of the window, re-directing a part of the incoming light onto solar cells integrated in the window’s frame for electricity production.”
Solar Bankers; Official Website; Devices; 15.08.2018
“Solar Bankers’ Light Recycling Module recycles artificial light and converts it back into electricity, enabling savings of up to 15% on your electricity bill. The device uses Solar Bankers’ holographic film to redirect a part of the light emitted by fluorescent lamps back onto solar cell mounted under the light source to generate additional electricity.”
Solar Bankers; Official Website; The Solar Bankers Node; 15.08.2018
“The Solar Bankers Node consists of a solar panel with USB output, a power bank (battery) and a Raspberry Pi. The solar panel feeds energy into the battery, which powers the Raspberry Pi and guarantees 24 h operation.”
Solar Bankers; Official Blog; Solar Bankers Node – How it works; 15.08.2018
Sources – Blockchain
For more information about Skycoin Fiber, please refer to my article “Skycoin Fiber – Blockchain Platform for Applications” in the Skycoin section on my site.
Christian Ott; 15.08.2018
“The Solar Bankers Node supports the company’s blockchain network. Users running the Solar Bankers Node receive a fixed amount of SLB per hour. The reward is initially set at 0.4 SLB/hour and might change over time as more Solar Bankers Nodes are distributed.”
Solar Bankers; Official Website; The Solar Bankers Node; 15.08.2018
“They are peer nodes. The idea is to incentivize the use of renewable energy and to show that a blockchain network can operate with little to no environmental impact.”
Solar Bankers; Telegram; Channel: Solar Bankers (SLB); 07.06.2018
Sources – Partnerships
“Solar Bankers and US Clean Technologies Inc. signed today a Joint-Venture Agreement to market a revolutionary solar technology that promises to decrease the cost of solar energy by more than 50% compared to standard fixed systems. Solar Bankers and US Clean Technologies (USCET), an American company located in Burr Ridge, IL and with subsidiaries in Sharjah, UAE, will be working closely to develop a hologram-based technology that is projected to generate up to 300% more electricity compared to standard fixed systems.”
Solar Bankers; Official Blog; Solar Bankers signs a Joint-Venture Agreement with US Clean Technologies Inc.; 21.03.2017
“Solar Bankers is delivering its hologram-based solar concentrator module to DEWA for performance testing in a high-temperature environment. In April, Solar Bankers was selected to participate in the Dubai Future Accelerators program ( and spent 9 weeks working closely with other developers of emergent technologies from around the globe. At the end of the program, Solar Bankers signed a contract with DEWA for a test pilot in Dubai. In addition to Solar Bankers’ patented refractive foil, the modules to be tested with DEWA feature a smart tracking system which makes use of a circular pivot to minimize the amount of moving elements required for adjusting module positions. This has particular benefits in desert environments, where dust and sand dispersed in the air quickly accumulate in the joints between moving parts and thus substantially reduce the durability of the tracking system. Solar Bankers is partnering with Mulk Holdings for the integration of the smart tracking system in its panel design.”
Solar Bankers; Official Blog; Solar Bankers kicks off its pilot project with the Dubai Electricity and Water Authority; 07.08.2017
“Solar Bankers has secured offtake rights for a large reserve of lithium in Mongolia together with a Swiss partner company. Lithium is a highly demanded precious metal with a wide range of uses and applications, most prominently in the production of batteries and other electronic devices. Lithium has gained importance in the renewable energy sector due to its central role in the development of on-site energy storage solutions and electric vehicles. The mining rights pertain to a mine located in Southern Mongolia with estimated total reserves of more than 5 million tons. The quality and concentration of lithium in the area has been tested and confirmed by SGS, a world-leading inspection and certification company from Switzerland. Solar Bankers, whose current project seeks to connect households in P2P energy marketplaces with the help of the company’s patented high-efficiency solar module, hope to use the extracted resources to promote innovation in battery solutions for solar energy.”
Solar Bankers; Official Blog; Solar Bankers Secures Lithium Mining Rights in Mongolia; 08.12.2017
“Solar Bankers is happy to announce its partnership with the Turkish energy consultancy Enerclever for a pilot project of Solar Bankers’ concept for localised P2P energy trading. The two companies plan to equip 20 households with Solar Bankers’ light-managing PV devices and connect them in a local micro-grid using the smart meter infrastructure and wiring provided by Enerclever. The smart meters will facilitate the labelling and exchange of electricity produced by individual households.”
Solar Bankers; Official Blog; Solar Bankers to partner with Enerclever over P2P Energy Trading Platform development; 22.12.2017
“The project will be based in the Izmir TechnoPark, on the campus of the Izmir Institute of Technology. The TechnoPark is located 50 km outside of the city of Izmir. … The area lists 15 main buildings, which will be organized in 9 units, each one representing a node of the network (see picture below). The nodes will be connected with underground cables, which will allow the transmission of electricity. … Some nodes will be equipped with Solar Bankers solar devices to enable energy productions. Others will be kept passive. Each building will be equipped with Enerclever smart-meters, which will enable monitoring of electricity production/consumption. Data will be fed to Solar Bankers trading platform, which will manage the exchange of energy. Transactions will be stored on SunCoin blockchain.”
Solar Bankers; Official Blog; Solar Bankers kicks off pilot project in Turkey; 01.03.2018
“While the majority of us in the Western developed world live with access to power 24 hours a day, more than half a billion people in Africa live without access to electricity. Now, in an initiative financed by the World Bank, US-based energy firm Solar Bankers is using a Blockchain to power 70,000 Nigerian households. In the sub-Saharan continent of Africa, nearly 600,000 people are without a reliable means of electricity, and more than 55 percent of residents living in outlying rural areas do not have access to an electric grid, according to data compiled by the World Resources Institute.”
Solar Bankers; Official Blog; Solar Bankers, US Blockchain-Based Firm, Powers 70,000 Nigerian Households; 20.07.2018