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The Australian coastal town of Fremantle has launched an experiment that will allow some residents to exchange solar energy on a blockchain-based platform provided by Power Ledger, the startup that is encrypted and based on renewable energy.
According to the Minister of Finance, Energy and the Aborigines of the Western Australia Government, Ben Wyatt, about 40 families in Fremantle will participate in the process that will end next year in June.
Efficient balance between supply and demand
During the experimentation, families will have the flexibility to determine the price at which they are willing to buy and sell solar energy and then conduct transactions on a blockchain-enabled platform.
"The process represents an innovative solution for virtual energy trading that could have implications for energy utilities that work to balance energy supply and demand around the world," Wyatt said in a statement. "These families are believed to be the first in the world to take part in an active commercial, invoiced and peer-to-peer trial that allows them to effectively purchase and sell the solar energy generated by their roof system through the network".
The process is part of the RENeW Nexus project that brought together various entities including Power Ledger. The RENeW Nexus project was launched with the aim of exploring how the cities of the future will be able to use blockchain technology and big data to integrate distributed energy and water infrastructure.
Power Ledger in the United States
This takes place less than a month after Power Ledger has made an incursion into the largest electricity wholesale market in the United States, entering into an agreement with the US power provider PowerNet. The agreement enabled Power Ledger to implement its blockchain-based peer-to-peer renewable energy exchange platform at the headquarters of the Pennsylvania state-owned electricity supplier.
Aussie Crypto Startup Power Ledger brings P2P energy trading to the largest American market https://t.co/OiVpHq5eON
– CCN (@CryptoCoinsNews) November 18, 2018
As reported by CCN at the time, the initiative has allowed the distribution of solar energy generated on rooftops and carports of the American PowerNet headquarters to surrounding companies using Power Ledger's xGrid platform.
"Rather than dumping our excess solar energy on the grid, we are thrilled that we can now provide clean and sustainable energy to our neighbors," said CCN, President of American PowerNet, Scott Helm.
A month earlier, Power Ledger had won the 2018 edition of Extreme Tech Challenge (XTC), a competition organized by Virgin Group billionaire founder Sir Richard Branson to equip entrepreneurs with the tools they need to succeed. The startup, which raised about AUD $ 34 million in an initial coin offering last year in October, received financial confirmations totaling millions of dollars after winning the XTC 2018.
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