Australia’s coastal town of Fremantle has kicked off a trial which will allow many citizens to exchange solar energy on a blockchain-based platform given by renewable energy-focused crypto startup Electricity Ledger.
According to the Minister for Finance, Energy and Aboriginal Affairs in the government of Western Australia, Ben Wyatt, approximately 40 families in Fremantle will Take Part in the trial which will finish annually in June.
Efficient Balancing of Supply and Demand
Throughout the trial, families will appreciate the flexibility of deciding the cost at which they are prepared to buy and sell solar energy for then run the trades on a blockchain-enabled platform.
“The analysis reflects an advanced way to virtual power trading which might have consequences for energy utilities functioning to balance electricity supply and demand all around the world,” Wyatt said in a announcement. “These families are thought to be the very first on earth to be participate in an energetic, charged, peer-to-peer trading demo which enables them to efficiently purchase and sell solar power created by their own rooftop platform throughout the grid”
The trial is part of this RENeW Nexus Project which has brought together different entities including Electricity Ledger. The RENeW Nexus project was initiated with a view of investigating how future cities may utilize blockchain engineering and large information to incorporate distributed energy in addition to infrastructure.
Power Ledger at the USA
This comes less than a month because Power Ledger created a foray from the largest wholesale power market in the USA by inking a deal with electricity provider American PowerNet. The deal enabled Power Ledger to set up its own blockchain-based peer renewable energy trading system in the power supplier’s headquarters at the country of Pennsylvania.
Aussie Crypto Startup Power Ledger Brings P2P Energy Trading to Largest US Market httpss://t.co/OiVpHq5eON
— CCN (@CryptoCoinsNews) 18 ноября 2018 г.
Since CCN reported in the moment, the initiative allowed the solar energy generated on the rooftops and carports in the headquarters of American PowerNet to be dispersed to the surrounding companies using Electricity Ledger’s xGrid platform.
“Instead of simply dump our surplus solar energy on into the grid, we are thrilled we are now able to offer clean, renewable energy to our neighbors,” CCN quoted American PowerNet’s president, Scott Helm, as having stated.
The startup, which increased roughly AUD$34 million in a first coin offering this past year in October, obtained fiscal exemptions in tens of thousands of dollars later winning the XTC 2018.