Decentralizing Energy in Singapore for a Future Gridby Fintech News Singapore August 4, 2017
Blockchain technology might also disrupt the energy sector. Blockchain technology, the backbone technology behind the Bitcoin, is enabling a peer-to-peer network where transactions between systems can happen without a third party.
The focus on peer-to-peer (P2P) applications has mostly been on the financial industry, but the technology is also set to disrupt the energy sector by allowing owners of rooftop PV panels to sell their energy to neighbors, the P2P structure is incentivizing the production of clean energy as an extra source of income.
Shanghai-based start-up Energo Labs is bringing this revolution to Asia, and is set to launch projects in Singapore soon.
Given the limitations of the traditional grid in integrating renewable energy, Energo’s solution requires a microgrid where producers of solar energy can sell to other households in the microgrid; the excess energy can also be stored in a battery for future use.
Buying and selling of solar energy between producers and consumers happens with tokens in Energo’s blockchain platform, and a user can choose to buy energy from their neighbor or from the public grid. Thus, every consumer is empowered to decide where their energy comes from and in what amounts, as well as turn into a “prosumer” by choosing to produce solar energy.
Energo aims to launch its pilot project in Singapore in the fourth quarter of 2017, bringing decentralized energy to Singapore through projects including peer-to-peer solar energy transactions and shared EV car charging stations.
“Countries like Singapore, who can support the infrastructure for a project that promotes renewable energy on this scale, are important to set the precedence for P2P energy trading in Asia,”
said Energo Labs COO Nichole Yang in a phone interview with Fintechnews.
Energo’s solution aims to promote using emission-free resources to meet the electricity demands of communities as well as balance energy security, sustainability, and equity. The start-up focuses on social impact for non-grid connected areas, and is currently pursuing similar projects in China and the Philippines.
Energo Labs recently launched and completed their ICO, which accepted Qtum and BTC in exchange for Energo’s TSL tokens, raising five hundred BTC and over one million Qtum tokens in total.