TORONTO, November 10, 2020 (GLOBE NEWSWIRE) – SWTCH Energy Inc., a leading provider of charging and energy management solutions for electric vehicles, and Opus One Solutions, a leading provider of transactional and distributed energy management software, have announced today they are working together to implement a blockchain-based electric vehicle (EV) charging management platform to reduce the transactional cost of electric vehicle charging and materially improve network efficiency.
Through their partnership, SWTCH and Opus are integrating Transactive Energy (TE) networks that leverage electric vehicles as Distributed Energy Resource (DER) resources using bidirectional vehicle-to-grid (V2G) charging and blockchain technology. The blockchain-based management platform will initially be demonstrated in Toronto, with national and international expansion plans.
TE is a grid management approach that ensures the proper functioning of electricity grids containing DER resources using location and time specific price signals. The price signals are generated by a TE market, designed to change the end user’s charging behavior in an effort to improve network efficiency. Blockchain works as an open distributed ledger that records transactions between multiple parties efficiently and in a verifiable and permanent manner. The goal of this initiative is to promote, globally, the commercialization of innovative electric vehicle charging technologies by leveraging blockchain and V2G within transactional energy networks, ultimately reducing the transactional costs of electric vehicle charging.
Academic collaborators include Dr. Srinivasan Keshav and his research group at the University of Waterloo’s Cheriton School of Computer Science. Dr Keshav’s research group focuses on applying their expertise in blockchain-based computer networks to find innovative solutions to large-scale problems in energy systems.
This collaboration is supported by Natural Resource Canada’s Electric Vehicle Infrastructure Demonstration (EVID) program. EVID supports demonstrations of new generation and innovative electric vehicle charging infrastructures that address technical and non-technical barriers to the installation, operation and management of electric vehicle charging technologies. Natural Resources Canada is contributing $ 1 million to this work, bringing total contributions to $ 2.6 million.
Demonstrating an efficient and scalable blockchain solution to reduce transactional costs,
Minimizing congestion and grid constraints and improving grid efficiency, SWTCH and Opus’ transactional energy platform offers a unique value proposition to electric vehicle drivers, site operators and utilities.
“As the adoption of electric vehicles grows and our energy systems become increasingly decentralized, our blockchain-based solution is poised to deliver maximum value to all stakeholders involved in integrating electric vehicles into the distributed energy ecosystem. We are delighted to partner with Opus to commercialize this unique technology“, said Carter Li, CEO of SWTCH.
“We are thrilled partner with another Canadian cleantech company to expand our transactive ispower platform in the world of electric vehicles and to enable decarbonisation in transport industry”, said Hari Subramaniam, Chief of Strategic Growth, Opus One Solutions.
“Driving clean growth, increasing competitiveness and reducing pollution. This is how we will reach net zero emissions by 2050 “. The honorable Seamus O’Regan, Canadian Minister of Natural Resources.
SWTCH provides end-to-end charging and energy management solutions for high-density urban environments. Our innovative EV charging platform simplifies the charging experience for drivers by optimizing usage and revenue for site operators. SWTCH’s approach to electric vehicle charging provides greater flexibility and scalability to meet the growing charging demand while minimizing infrastructure upgrade costs. Ultimately, SWTCH’s mission is to improve accessibility to electric vehicle charging in multi-tenant urban settings and ensure effective integration of electric vehicles into our clean energy future.
About Opus One
Opus One Solutions is an engineering and software solutions company with the vision of a digitized, decentralized and decarbonized planet. Its smart energy grid platform, GridOS®, optimizes complex power flows so that real-time energy management and integrated planning can be provided to distribution companies and other managers of distributed energy resources. GridOS is modular, scalable and seamlessly integrates with existing data systems to unlock greater potential for distributed energy resources, including renewable generation, energy storage and reactive demand. GridOS also facilitates the management of microgrids – from homes to businesses to communities – for grid resilience and unprecedented value for the electricity customer.
SWTCH Energy Inc.
Email: [email protected]
Opus One Solutions
Email: [email protected]