Blockchain Energo Labs to Establish Singapore Regional Hubby Company Announcement December 13, 2017
Energo Labs, a cleantech start-up that integrates blockchain into the energy sector in Asia and beyond, is set to strengthen their presence in Singapore.
It will join research programmes and campus microgrids in universities as a testbed for smart energy research, potentially allowing for peer-to-peer energy trading using blockchain technologies within the campuses.
The Energo regional hub in Singapore will offer blockchain and energy-related research opportunities and internships. The hub also will host events and hackathons that promote discussion about smart cities and smart energy trading using blockchain technologies. Energo is also in talks with local authorities and partners on launching peer-to-peer and electric vehicle smart charging pilot projects.
“According to forecasts by the International Energy Agency, energy demand in Southeast Asia alone will increase by more than 80 percent and electricity demand will triple by 2040. Governments hence face an urgent, mounting challenge of meeting these demands and finding a balance between energy security, environmental sustainability and economic competitiveness,”
said Yang Kaikai, Co-founder, and Chief Operating Officer, Energo Labs.
“Energo, like many start-ups, are pushing crucial boundaries that will enhance services and performance of system level solutions incorporating renewable energy and enabling novel business models,”
said Dr. Sanjay C Kuttan, Program Director of the Energy Research Institute @ NTU (ERI@N) at Nanyang Technological University. ERI@N looks forward to the opportunity to contribute positively to their exciting frontier-breaking efforts.
Energo integrates blockchain software and smart meter hardware with microgrids running on renewable sources, such as solar panels, to achieve energy accounting that enables peer-to-peer trading. Energy production and consumption are recorded using smart meters, allowing energy to be digitized, transacted and the encrypted information stored on the blockchain. Energy transactions can be made on the Energo app, where buy and sell orders are matched using pricing mechanisms.
With the Energo app and smart meters connected to a microgrid, a community and its users have greater autonomy over their own energy usage and source, reducing their dependency on state grids and improving quality of life in a rural setting. In an urban setting, Energo’s digitization of energy into digital assets will herald the shift from passive consumers to active prosumers who buy and sell energy from renewable sources. It also allows other applications such as shared electric vehicle charging, to further reduce a city’s carbon footprint.
Energo in Asia and beyond
Energo’s first pilot project was successfully implemented in the Philippines in mid-2017, where approximately 17% of the population today has no access to electricity.
Following a successful proof of concept implementation, Energo will soon be launching a community microgrid project for off-grid connected islands in the Philippines. Energo is also in discussions with authorities in Europe and Asia, including India, Thailand, Taiwan, and Vietnam, to introduce its clean energy solution to their markets.
Featured image via http://www.energolabs.com/