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Ratings Solarex

Blockchain Powered Solar Energy Ecosystem

Around one and a half billion people worldwide do not have access to electricity and over 3billion rely on primary biomass for cooking. This number excludes another billion that have no choice but to depend on fossil fuel electric generators for day to day electricity. Africa countries ranked in the top 10 of lowest access to electricity and over 90 percent of people in Africa Countries users biomass for cooking or Electricity generators that burn fossil fuel. Indoor air pollution from carbon monoxide in stoves is a leading cause of adults and children mortality in developing countries, and this value is ahead of malaria and tuberculosis combined. In Nigeria, foraging energy supply has lead over 60million Nigerians to own fossil fuel generators spending more than N3.5billion annually on the generators. Millions of others residents at remote location far from the reach of the grid. Lack of electricity is significant as it hampers economic growth and hurt investors confidence.

8 7 expert ratings
Benchy 4.8
Review: coming soon PRO
2019-01-28 - 2019-03-14
37 days 13 hours left
2019-04-10 - 2019-05-30
PreICO Price
1 SRX = 0.05 USD
1 SRX = 0.05 USD
Soft cap
5,000,000 USD
Hard cap
30,000,000 USD
Visit ICO website


All ratings published on ICObench serve informational purposes only. ICObench does not provide investment forecast, recommendations or any consulting for that matter. Thus, neither ICObench, nor the experts can be hold responsible for the visitors’ investment decisions. Read more
Igor Karavaev
ICO and STO and IEO advisor
Rated on Jul 9, 2018
Modified on Jan 18, 2019

why blockchain is really needed here? Especially taken into account the current state of tech. 65 mln usd hard cap? Does the team understand the current state of ico market, and can it be successful? No competitive analysis with other possible solutions, no business planning in numbers, the wp should be improved. MVP should not like the video

Oti EdemaICO team member replied on 15 Mar 2019
Thanks, Igor for your feedback,

We have taken all comments into consideration and addressed all with updates on website, whitepaper, and pitch deck.

1. The application of blockchain to the energy industry is a paradigm shift and the future of the energy industry. Solarex application of blockchain is paving a new and much way in energy generation, distribution and consumption. And you wil agree with me that it is a good thing to do things in much better and rewarding ways.

2. Solarex now has browsable MVP. You can register and try Solarex p2p energy trading platform. On the completion of Solarex Smart Meter, it will be able to communicate with the platform and many more features will be activated on the platform. (

3. We have also considered the ICO Market trend, listen to you here, and more importantly, to our investors and therefore reduced the hardcap to $30M , See Website/WP. Solarex will burn the unsold Token after the ICO.
4. Please see the pitch deck for numbers.

Based on the above updates, I kindly request that you update your rating to reflect the quality of the project.

Thanks very much for your time.
Naveen Kapoor
Banking and Financial Advisor | ICO Advisor | Blockchain Expert | Entrepreneur | Investor Relationship
Rated on Jan 25, 2019

Team is good and advisors are having a vast experience in blcokchain ICO industry

Github repository is empty.

Disclaimer: This is not an investment advice, please do your own study before doing any investment.

Oti EdemaICO team member replied on 15 Mar 2019
Hello Naviin,

Thanks for your rating and feedback

We have taken all comments into consideration and have made some updates,
We have updated Solarex Github with all development codes today.
Based on the updates, we kindly request that you update your rating for the project.

Many thanks for your time
Iulian Anghelin
ICO - STO - DAICO Advisor, Investor Relations, Public Speaker
Rated on Feb 13, 2019
Modified on Mar 18, 2019

The project is not original, there are already many trying to launch similar products and as in other cases it is not very clear the additional value that the Blockchain can bring to the project and vice-versa, even if the cause is a noble one. The presumed initial savings that would be for the purchase of electricity would then be poured into the ethereum blockchain for transaction costs.

The team is large and well composed and some members have a great background. Several blockchain developers are also presented, but at the moment there is no activity on github, if not a couple of files that refer to the creation of the token, just as the MVP turns out to be just a demonstrative video shot in "tutorial" mode by one of the team members.

Social and channels of communication well-kept, with updates almost daily and with good community numbers. Even the website and the whitepaper are quite well composed and presented, but from the latter the business plan can not be deduced well, while tokenomics is not very clear. In fact there is no concrete "value proposition" that leads to mass adoption, or any incentive for token holders. For which reason one must buy tokens and hold them, what are the benefits? Bad on the website instead, the previous Hardcap cut and next to a new Hardcap, a sign that there is indecision of means.

The token distribution is accurate and has balanced numbers, as well as the use of the alleged funds.

Being still in the pre-ICO phase, we can give them more time for the various improvements and updates on a technical level, but they should not be long in coming.

Good luck in developments and fundraising.


My name is Iulian and not Lulian :)

Regarding points 1 and 2, I reviewed the parameters and increased the score slightly, to reflect it with the commitment and work you are dedicating.

Regarding points 3 and 4, there remains only a promise from you and your opinion, but not all of us have the same vision and not everyone sees it in the same way.

Remember that here on Icobench the experts are volunteers and we are dedicating a job exclusively to the Blockchain community, we are not here for other interests. Our ratings are our personal opinions and are not encouragement to invest or not invest, and are given through the knowledge that each of us has acquired over the past few years, touring the conferences or some of us, running an ICO or more than one.

Oti EdemaICO team member replied on 18 Mar 2019
Thanks very much for your review updates , as said before, we are determined to make this project a success and we do take all comments into consideration,
We appreciate your time and your honest opinion
Daniel Ruvins
Community Manager|Advisor|Ambassador
Rated on Jan 28, 2019
Modified on Mar 17, 2019

I think the idea could be really beneficial for Africa, but I don't see a reason why this project will succeed. There is no reason why this is THE project to give electricity to the African people. Also, when questioned, I never got a full answer. I was told this is a great project. This is a major reason for my negative rating. The amount they are trying to raise is ridiculously high for the market conditions. Also, the majority of the team members are not mentioned on LinkedIn, so I do not know if there is an actual team. Would stay away unless there's real evidence in the future.

Oti EdemaICO team member replied on 18 Mar 2019
Daniel, I think at this point we have to be honest to our audience, because I will not allow you to ruin Solarex project.

You have had a dealing with Solarex previously, that is long before you rated the project here on ICObench.

I found out that I blocked your telegram account and ban you from the telegram main group, We discussed this yesterday 17/03/2019 and you claimed because you wanted to work for Solarex and requested to be paid in eth and I refused to accept you.
If the project is as you claimed now, then why did you want to work for the project?

Moreso, recall I also asked you, how can you give a fair review for a project that you had previous dealing with and ban you on telegram?

Recall also that you used rude language on me on telegram because I told you the truth.

Now you came here to reduce your rating for the project and left yet another negative comments.

I have reported you to ICObench and I hope they investigate you.

I am not sure ICObench will allow someone to use their platform to scam a project.

I have all our previous communication on telegram and will be publishing in a video for all to see.

I think your name should be put on scammer list because that is what you are doing now.

If anyone need direct telegram proof, please contact me on telegram (@Solarex_ICO) and I will be happy to forward my conservation with this scammer expert Daniel Ruvins to you on telegram.
nicolas nups
Program Manager and ICO Advisor
Rated on Apr 20, 2019

Dear ICOBench community,

Please note that before reviewing this project & ICO/IEO, I conducted my own DD : team background, competitors, project history, various analysis and KPIs, growth potential and a lot more factors. Also note that the results of this analysis are simply my understanding of the project and might or might not be entirely accurate for different reasons (lack of information, misunderstandings, etc.).

Here are the results of this analysis :

- Team : It appears that the team has professional and experienced key members team. My only issue is that several team members are not linked to the project on LinkedIn or on other social platforms.

Nonetheless, this is definitely worth a 4/5 for the team.

- Vision : It is not the first project targeting this industry but it is a great idea nonetheless. Electricity is the first energy being used worldwide and providing an access for every human being is a dream I sincerely hope we will achieve in the near future. If this project can help achieve this goal even just a little, then I vouch for it.

This is why I am giving a 5/5 for the vision.

- Product : There is an existing MVP, which is something most projects don't have before their ICO/IEO. It is lacking a lot of key features and could definitely be enhanced (even at the MVP stage) but they still have a product to present which proves the team is working seriously on the project.

This is why I am giving a 4/5 for the product.

I invite investors to conduct their own DD before investing time / money on any project.

Michele Costa
Entrepreneur | Crypto Investor| Blockchain Content Writer |
Rated on Feb 1, 2019

- Pros
✅ Vision
✅ Good team

- Cons
⛔️ No blockchain need
⛔️ MVP should not be a video
⛔️ Very high hard cap

Even if this project has good intentions, I really don't see a future for it, there's not a product ready at the moment, and it lacks of many important information.

Oti EdemaICO team member replied on 15 Mar 2019
Thanks Michele for your feedback. We have taken all comments into consideration and we have made updates to our ICO to address all concerns.

1. Solarex now has browsable MVP. You can register and try Solarex p2p energy trading platform. On the completion of Solarex Smart Meter, it will be able to communicate with the platform and many more features will be activated on the platform. (

2. We have also considered the ICO Market trend, listen to you here, and more importantly, to our investors and therefore reduced the hardcap to $30M , please see Website/WP. Solarex will burn the unsold Token after the ICO.

3. You Said Blockchain not needed, this we have also reviewed, However, the application of blockchain and smart contract to the energy industry is the future. It is a paradigm shift in technology and will make things much better. So it is a good thing that Solarex is setting a new way in energy generation, distribution and consumption using blockchain technology.
Based on the above updates, I kindly request that you update your rating to reflect the quality of the project.

Thanks very much for your time.
Rafael del Castillo Ionov
Lawyer | Blockchain & ICO Advisor | Switzerland - Spain - Russia
Rated on Mar 27, 2019

I have been in renewable energy sector (hydro and solar) for over 8 years and I really see that the vision here is strong. Solarex is not the first project trying to figure out how to use blockchain for renewable energy. So far, as far as I know, none of them have been successful, maybe this time it can be different and the team can deliver. Distributed generation is the near future and a global trend, everybody including large utilities and private equity funds are looking into this business. Price of solar panels drops from year to year.

If you think about Africa, Nigeria is the right place to start this project: the largest population growing quickly and very high cost of energy. Electrification of rural areas can be done by off-grid installations replacing (or at least reducing) usage of diesel generators. Rooftop solar can be used on companies to reduce electricity bill and high power photovoltaic irrigation systems (either off-grid or hybrid). You may have a look at such a project/technology financed by European Commission Horizon 2020 here:

Financing of solar photovoltaic projects is not new, SolarCity in the US and other large companies have been doing it in Europe. Most of the European and US economic models work due to the benefit of the feed-in tariffs. The high cost of electricity in African counties and the constant reduction of the cost of the solar panels may guarantee the viability of the economic model. Solar panels are easy to install and pretty cheap to maintain. Almost any decent manufacturer offers 25 years of guarantee (well, at least a guarantee that the panels will deliver at 80% of the capacity during the period). Complex civil works are not necessary, only cost are panels, inverter and minor equipment.

The problem with solar energy is, well, the sun does not shine 24/7 and the generating capacity may be affected during daytime irradiation by bad weather or clouds. There are some algorithms being designed who are able to mitigate that, but for instance a factory using rooftop solar to reduce the cost of energy is not able to rely upon 100% on solar energy as unplanned halt may damage the industrial equipment.

Most of the systems try to solve this incorporating to the installation a batteries to store the energy. The problem with energy storage is that those systems increase the cost and complexity of the installation (batteries will need replacement several times during the 25y period). As of the state of technology today, the most efficient solution is to use hybrid systems (diesel generator or grid connection) whenever it is possible.

The mechanisms to finance solar projects are clear: either a solar lease or a PPA. The question would be here about the ownership of the installation and the generated PV. If the project company has the ownership of the installation then, the sale of the excess energy to the grid should be done by the owner of the installation. As I explained before, the vision is very good, guys are digging where they should.

The team looks strong, lots of people with different backgrounds, people with local knowledge of project implementation in Nigeria and also profiles with expertise in blockchain. Advisors seem also the adequate. The main question I would have here is to know how tight this star team is working together to bring up the project. How deep are they committed to the vision and to project implementation? If the commitment is not intensive by all the member, the project execution may suffer.

The implementation of blockchain for this kind of project comes natural. Distributed solar photovoltaic generation facilities owned by small companies or private individuals will have the possibility to sell the excessive energy to the users who need it. Blockchain as a decentralized technology offers trust and confirmation on the transaction. There are already some projects working on this, including the Catalan Energy Institute in Spain.

The digital asset is presented as a utility token but the white paper mentions that the token may end up giving some revenue or economic benefit. This needs to be carefully analyzed as this may end up drawing you into financial regulation considering the token as a security (with all the complexity this may mean). Review carefully the solar project finance initiative from the financial regulation perspective to avoid offering securities to the market.

I have seen the MVP for p2p trading platform. You can buy and sell energy through this system but the main question is how will you be able to execute and deliver this off-chain. How will you link the transfer of value on the blockchain with the transfer of energy in the real world. The Project Financing Demo is still not available. I´m afraid that the end product you are offering is a far too ambitious: you want it all and want to develop this in parallel. You are trying to put too many things in place, that´s the main reason for low rate. All of them are necessary and can be feasible but you need to focus. The dispersion of team focus and resources -including funds- may lead to a disaster. Don’t be too ambitious. You can either start local and grow global one step at time (but this will take you more time than what you suggested). Alternatively you can develop you own global blockchain solution, be the platform and have several pilot projects running on it for proving your point.

I wish you good luck in the crowdfunding and will be happy to watch project development closely, see how you pivot and come up with interesting solutions.

This review is a personal opinion based on my personal and professional experience. It does not constitute any recommendation to invest or not to invest into this project, please do your own research and assessment.

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Experts are independently and voluntarily contributing to the community. If no expert has rated the ICO, only ICO analyzer's results are used. Always research before investing as these ratings should not be taken as an investing guide of any kind.

Ratings and ICO analyzer results are being updated (re-calculated) every few hours.

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