Apple co-founder Steve Wozniak launches new company

Tech maven Steve Wozniak launched a new company this week — more than four decades after he started Apple with the late Steve Jobs.

Wozniak’s latest venture, Efforce, aims to use cryptocurrency and blockchain technology to make it cheaper and easier for companies to fund environmentally friendly projects.

The company says its goal is to “democratize” the $250 billion market for energy-efficiency projects, just like Apple expanded access to personal computers.

“We created Efforce to be the first decentralized platform that allows everyone to participate and benefit financially from worldwide energy efficiency projects, and create meaningful environmental change,” Wozniak said in a Friday statement.

Efforce has created a cryptocurrency token called “WOZX” — named after Wozniak — that investors can purchase and use to buy into in energy-efficiency projects that energy services companies list on its platform.

Efforce then tracks the energy savings achieved by those projects and returns them to investors in the form of an energy credit that can be used or sold, according to a news release.

The WOZX token started trading Thursday on the cryptocurrency marketplace HBTC.com — a listing that increased Efforce’s market value tenfold to $950 million, the company says. The token will also be listed next week on another marketplace called Bithumb Global.

Many small businesses “can’t afford to switch to LED lighting, streamline production processes, or even insulate to conserve heat, all of which could save them money in the long term,” said Jacopo Visetti, who’s an Efforce co-founder alongside Wozniak. “Efforce allows business owners to safely register their energy upgrade project on the web and secure funding from all types of investors around the world.”

Wozniak and Jobs formed Apple in 1976 and built it into a personal-computer pioneer. Wozniak stopped working at the company — which is now worth more than $2 trillion — in 1985, about five years after its initial public offering.

All countries
194,555,165
Total confirmed cases
Updated on July 25, 2021 12:02 pm
Italy
4,312,673
Total confirmed cases
Updated on July 25, 2021 12:02 pm
Spain
4,280,429
Total confirmed cases
Updated on July 25, 2021 12:02 pm
Iran
3,691,432
Total confirmed cases
Updated on July 25, 2021 12:02 pm
Germany
3,761,850
Total confirmed cases
Updated on July 25, 2021 12:02 pm

Latest Updates

Without Backpackers to Pick Them, Crops Rot by the Ton in Australia

SHEPPARTON, Australia — Peter Hall ran a hand over the Gala apples sitting in a wooden crate on his orchard in southeastern Australia, lamenting...

U.S. Will Have Enough COVID-19 Vaccines for All Adults by End of May, Biden Says

You have reached your limit of 4 free articles. Get unlimited access to TIME.com.99¢ for the first month Subscribe Now You have...

Biden Vows Enough Vaccine ‘for Every Adult American’ by End of May

But Johnson & Johnson and its partners fell behind in their manufacturing. The company was supposed to deliver its first 37 million doses by...

Popular Articles

Without Backpackers to Pick Them, Crops Rot by the Ton in Australia

SHEPPARTON, Australia — Peter Hall ran a hand over the Gala apples sitting in a wooden crate on his orchard in southeastern Australia, lamenting...

U.S. Will Have Enough COVID-19 Vaccines for All Adults by End of May, Biden Says

You have reached your limit of 4 free articles. Get unlimited access to TIME.com.99¢ for the first month Subscribe Now You have...

Biden Vows Enough Vaccine ‘for Every Adult American’ by End of May

But Johnson & Johnson and its partners fell behind in their manufacturing. The company was supposed to deliver its first 37 million doses by...

Twitch gamer Sodapoppin quits fake GTA jobs because they’re too hard

Sometimes being a fake fast-food restaurant manager can be as taxing as being a real one. This is especially true when you also have pretend...

Sarkozy says could take corruption appeal to European human rights court

France's former president Nicolas Sarkozy said Tuesday that he might consider taking his appeal against a corruption conviction to the European Court of...

Where Biden’s Foreign Policy Is Taking the U.S.

One day before the administration announced its decision on Saudi Arabia, Biden gave the first major indication of his presidency that he would be...

Interviews