Peer-to-Peer Power Electrifies Australia with Blockchain and Renewables
Power Ledger, a peer-to-peer renewable energy marketplace, is electrifying an entire apartment building using blockchain-based renewable energy according to July 30, 2018, reports.
Power Ledger is an Australian based renewable energy startup which has been operating since 2017. It created a platform that allows its customers access to multiple energy infrastructures governed by differing regulations to match their needs and price point.
The market is governed by two blockchain layers as well as a dual-token ecosystem. POWR and Sparkz tokens are traded between consumers and hosts which provide energy to the exchange markets. The crowdfunded project which launched in 2017, became the largest of its kind in Australian history, raising $34 million at its ICO.
Now, Power Ledger is keeping the lights on in the real world commercially and residentially. Through an agreement with the Yolk Evermore Property Group, Power Ledger is set to provide electricity to the development team in Western Australia.
This project is piggybacking on the Australian Renewable Energy Agency’s (ARENA) sustainability project which is providing solar panels and battery storage technology. ARENA was launched in 2012 as an independent agency of the Australian federal government dealing with the proliferation of renewable energy.
Such a public-private partnership hopes pioneer the way for blockchain utility in residential energy exchanges. Through Power Ledger technology, the 24 apartments in the Yolk Evermore residence will be able to trade excess renewable power while reducing their bottom line.
Previously, Power Ledger delivered on its peer-to-peer energy trading platform in the commercial sector after working with Greenwood Solutions, an energy auditing and installation company, to link solar panels within apartment units.
While Power Ledger provides the peer-to-peer exchange, it’s important to remember that this can only occur with the technology to gather and store renewable energy. This makes them prime candidates for partnerships with hardware-focused businesses.
Given Australia’s push towards renewables, several different energy startups have populated the field. However, Power Ledger has not restricted their technology to the land down under.
In May 2018, they partnered with Northwestern University in Chicago, to allow the campus to use its power trading platform.
This Australian company has set their sights on creating a legitimate low-cost, decentralized, marketplace for trading renewable energy. This project could mark a shift in paradigm for delivering power with a small price and offer a more considerate impact on the environment.