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The coastal city of Australia, Fremantle, has initiated a process that allows some residents in the vicinity to exchange solar energy. Use a Blockchain-based platform provided by Power Ledger; a startup focused on renewable energy.
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The report shows that the Western Australian government's minister of finance, Aboriginal affairs and energy, Ben Wyatt, said that about 40 families in Fremantle will participate in the process that will end by June 2019.
Efficient balance between supply and demand
When a family takes part in the process, it will have the opportunity to enjoy the flexibility of finding the cost a which intend to buy and sell solar energy and then carry out transactions on a blockchain-based platform. According to Minister Wyatt in a statement:
"This trial represents an innovative approach to virtual energy trading that could have implications for energy utilities working to ensure the balance of energy supply and demand worldwide. The families participating in the initiative will be the first in the world to take part in an active commercial and peer-to-peer experimentation that will allow them to effectively exchange the solar energy generated by the roof systems through the network energy."
The initiative is an extension of the Rexe Nexus project. Nexus has brought together various entities including Power Ledger. The project was launched to explore how future cities will be able to use Blockchain and big data to integrate the energy distribution and the water system infrastructure.
Power Ledger in the United States
This report comes less than a month after Power Ledger signed a new agreement with the American PowerNet energy provider. The agreement paved the way for Power Ledger to implement a peer-to-peer-compatible renewable energy platform with blockchain for trading at the US electricity supplier headquarters in Pennsylvania.
Power Ledger brings P2P energy trading to the largest American market
In another report today, known American based blockchain project, Power Ledger is launching its peer-to-peer trading initiative linked to blockchains for renewable energy. The energy provider will launch this initiative with American PowerNet at its headquarters in Pennsylvania. This will make America the largest energy exchange market for peer-to-peer blockchain in the world.
According to the media house CCN report, the initiative has allowed the generation of solar energy from systems and carports on the roof of the American PowerNet plant to be distributed to local companies that depend on Power Ledger's xGrid platform. As CCN states, in a statement by Scott Helm, President of American PowerNet:
"Instead of over-dumping our excess solar energy, we are pleased to announce that we can now provide our neighbors with clean and sustainable energy to meet their electricity needs."
One month before this development, Power Ledger won the Extreme Tech Challenge (XTC); 2018 edition. The contest was organized by the founder of Virgin Group billionaire Sir Richard Branson. It is designed to provide entrepreneurs with the tools necessary to facilitate their success. The start went well in the ICO markets, having raised about 34 million Australian dollars from a single initial coin offering in October 2017. It received financial confirmations for millions of dollars after winning the prize. 2018 edition of the XTC.
