Volkswagen Partners with Energy Web to Leverage Blockchain for Energy Storage
Blockchain alliance Energy Web has partnered with Volkswagen Group Innovation to explore the integration of electric vehicle (EV) charging points.
Blockchain for Environmental Sustainability
In a bid to leverage blockchain technology for sustainable solutions in the automobile industry, distributed ledger technology (DLT) alliance Energy Web has allied with VW Group Innovation.
Per sources close to the matter, the partnership aims to use EV batteries for the storage of surplus renewable energy that can later be released into the main grid when the demand for energy overtakes its supply.
Specifically, the announcement states that “seamless end-to-end electricity market participation for electric vehicles” is the goal of the partnership. Notably, the participants will also include Electrify America.
For the uninitiated, Electrify America is a VW subsidiary having more than 500 charging sites in the U.S. It was set up by the German automobile behemoth as part of its settlement over the infamous VW Diesel scandal. At the time, the firm had committed to invest $2 billion in Zero Emission Vehicle charging infrastructure.
While it is common knowledge that EVs cut down emissions, their batteries can also be tapped for another set of environmental benefits. With an increasing number of distributed energy resources (DERs) such as solar panels and wind farms integrating with the electricity grid, power sources are understandably becoming less consistent.
This happens because one cannot switch the wind or sun on and off as and when they please. The key here is to possess the ability to balance the grid by having additional energy storage and EV batteries to fit the bill.
Commenting on the development, Jesse Morris, CCO, Energy Web, noted:
“With this partnership, we want to accelerate electric mobility and deliver even more value to EV customers.”
“One way is to make it easy for EVs to seamlessly participate in energy markets. If we’re successful, the moment an EV rolls off the lot of a dealership that car will be fully integrated into the energy system in the area. Customers can then be paid for their EVs to help balance the grid in near real-time.”
In related news, BTCManager reported how a major aluminum miner unveiled the launch of a blockchain-based solution dubbed START for sustainable aluminum sourcing.