With blockchain disrupting every sector, it is completely expected that players of the energy sector will engage to rip the benefit of blockchain technology. But, in this article, we examine those blockchain projects engaged in supplying renewable or sustainable energy projects, since we believe going green is an unavoidable and the only way to live on our planet in the future. Volatile oil prices, depleting coal, oil and other natural reserve force us to turn to opt for abundant solar, wind, water, biogas to meet our electricity need.
The main problem with establishing sustainable energy programs is the huge amount of investment it demands. Getting this is not so easy and often happen in small-scale, resulting in supplying the generated electricity to local regions or at best neighboring states. With the power of the blockchain, rather pre-sales and ICO’s generating the needed fund is rather easy with the scope of massive expansion and connecting countries in a relatively short time. Also, blockchain has the power to take the monopoly of a handful of companies who dominate the 2 trillion US dollar worth of the global energy sector.
When we scanned through the available blockchain-based energy projects currently on a play in the market, we managed to easily identify Power Ledger, WePower, and the more recent Electrify Asia beings the cream of the niche. There are other projects as well but their ranking and market cap are rather low at the moment and though interesting, it is not that much clear how much traction they can get and that too how quickly. So, for now, these are the only 3 we consider the best.
Power Ledger, the Goliath of the crypto-energy world, is an Australian blockchain-based energy trading platform offering decentralized buying and selling of renewable energy. Though it is basically a peer-to-peer energy trading platform, it has so much more to offer. We will talk about these a bit later but let’s list out now what exciting applications it is bringing to the table – Smart Supply and Demand Management tool, microgrids, grid management and metering, asset germination event, sharing or sale of the assets, electric vehicles, power ports, carbon trading, transmission network management tools, – a lot of tools for home energy suppliers.
Now let’s check the current market stats of the Power Ledger. The project has current market cap of $73,995,425 USD (10,939 BTC or 265,553 ETH) and a 24-hour volume of $2,615,183 USD (386.60 BTC or 9,385 ETH) as of August 28, 2018. The token value began with $0.056271 on November 1, 2017, as trading started and quickly rose to its highest value of $2.01 on January 7, 2018. At the time of the writing, the token price was at $0.197510. This is the POWR token we are talking about, the ERC-20 type tradable one on exchanges.
The team has generated a total of 1 billion POWR token, of which 374,641,836 POWR is currently available in the market. The Power Ledger team has expertly distributed their POWR tokens – 35% for Sold to Presale and ICO Investors, 25% for Incentivize Users, 15% for Escrowed Developer’s Pool, and 25% for Company Reserve.
You can buy the POWR tokens on a number of exchanges, major ones such as Binance, Bittrex, Changelly, Cryptopia, Coinspot, Gate.io, Huobi, KuCoin, TDAX, UpBit as well as Bithumb, Latoken, ABCC, Digifinex, BXThailand, Kyber Network, Bancor, Bitbns, Radar Relay, and Cryptopia. That allows the buyers the largest number of cryptocurrency option to purchase the tokens, namely BTC, ETH, USDT, BNB, LA, BNT and fiat currencies such as TBH, KRW, and INR.
During the ICO and the pre-sale, Power Ledger has managed to raise $24 million USD. In November 2017, the Australian government granted the project $2.57 million AUD for a two-year research in the City of Fremantle to assess the potential of blockchain technology in integrating distributed energy and water systems. Also, the Power Ledger team managed to bag $5.68 million USD in total from 7 partners.
As we were saying, the Power Ledger team has created two types of tokens. The first one, POWR, is what you buy on exchanges, the price is solely determined by the exchanges. You need to have a sufficient number of POWR token to issue the energy trading token called Sparkz token, meant to use internally on Power Ledger ecosystem. One Sparkz represents 1 KWh of energy. Their value depends on the price of a unit of energy wherever bought, i.e. tethered to a local government’s fiat currency and cost of power, for example in Australia 1 Sparkz would be equal to 1 AUD. Therefore every fiat currency having a different blockchain coming together on Power Ledger platform.
The Power Ledger focuses on two main markets – the retail market and direct P2P – simultaneously, offering high degrees of platform and application adaptability not only towards existing market structures but also a deregulated market setting. Quite interesting isn’t it?
Power Ledger team has opted for dual-blockchain architecture. The first one is called Power Ledger Core, a layer hosted on Ethereum blockchain. This is a chain that takes care of various smart contracts (e.g. smart bonds for converting POWR to Sparkz), Oracles that use smart contracts to gather data from outside of the blockchain, POWR incentivizers etc. The second blockchain is called Ecochain, a collection of industry-specific different private chains running across different regions. It hosts a number of advanced features such as Oracles to connect with outside the chain, smart meter data verification, and storage. The Ecochain is where all Power Ledger developed applications like peer-to-peer energy exchange, power port, carbon trading etc. collectively called FuseBox, as well as other third-party apps (built by energy providers), are run.
The users have the option to choose to get energy solely from renewable energy sources or even better, from which region this energy should come from, though of course, this will cost them more. Though the energy come from multiple sources, the payment goes to the provider only. The smart meter keeps track of how much energy a prosumer or provider is generating and how much consumers are using and automate the payment on the network.
Power Ledger supports a wide array of energy trading applications. Some application classes are already operational while others are still under development.
Fully Developed Applications –
- P2p Trading – Allows consumers to trade electricity with one another and receive payment in real-time in an automated and transparent settlement system.
The team has already built the following applications –
- Electric Vehicle Trading – Facilities accumulation of real-time metering data, user identification, transaction settlements for electric vehicles.
- Autonomous Asset Management – Allows for shared ownership of renewable energy assets and trading renewable asset ownership.
- Neo-retailer – Provides retailers with smart demand and supply management logistics while managing consumer risk of non-supply.
- MicroGrid Operator – Enables electricity metering, big data acquisitions, and grid management at unprecedented granular scale.
The following applications are currently under development –
- Carbon Trading – Offers smart contracts for carbon traders to assure digital transactions across organizations.
- Power Port – Allows assets to be automated via the platform and can provide a mobile storage discharge facility maintaining supplies for self-sufficient energy consumers.
- Transmission Exchange – Provides a collection of metering information and big data for transmission networks.
- Distributed Market Management – Enables the optimization of network assets by providing metering data, the collection of big data, and network load management.
- Wholesale Market Settlement – Enables rapid, low-cost settlement and data optimization for wholesale energy marketplaces.
Power Ledger’s first international partnership is with Vector, a New Zealand-based energy company, for an energy trading trial in Auckland in 2016. In the last half of 2017, Power Ledger kept added numerous partners and bagged projects – starting with Tasmanian renewable energy firm Nest Energy to introduce renewable energy trading to the City of Launceston in September, then 6 days later with Australian Project Brainstorm to bring energy trading to Queensland, and with Tech Mahindra to begin Microgrid-as-a-Service trials in urban regions of India. The company went to partner with National Lifestyle Villages, Australian energy retailer Origin Energy, and Greenwood Solutions for the first commercial deployment of their platform in Melbourne.
In November 2017, the firm announced their first European partnership with The Liechtenstein Institute for Strategic Development. Power Ledger has entered into a partnership with Clean Energy Blockchain Network (CEBN), and as part of that started collaboration with Silicon Valley Power (SVP), to link renewable energy production and storage with community-based charging of electric vehicles in the city of Santa Clara on June 19, 2018, with Northwestern University for first commercial deployment In the US in April, and with Helpanswers for North America. The firm has also partnered with second-largest Japanese energy retailer KEPCO.
A very strong team is what needed for a project of this caliber to be successful and Power Ledger has that.
Dr. Jemma Green – Jemma is the Chair and Co-founder of Power Ledger. With a Ph.D. in Sustainability Policy Institute from Curtin University and a Masters in Sustainability Leadership from the University of Cambridge, she provides the strategic external relations risk management and leadership development for the company. She has over 15 years of experience in experience in finance and risk advisory and has worked in London as an Investment Banker and is also the Chairman of Climate-KIC Australia. Jemma is also the founder of the Global Blockchain Business Council and is a contributor to Forbes on blockchain disruption.
David Martin – David is the Co-founder of Power Ledger and also its Managing Director. He has over 20 years of experience in the electricity industry and even held key executive positions in two State-owned electricity utilities. David has a BA (English) in Journalism, Politics, and Public Relations from Curtin University and has spent the last 6 years as a senior consultant for industry participants who are known to specialize in the regulation of distribution networks, DNSP consumer engagements, and business development.
John Bulich – He is one of the three Co-founders of Power Ledger and is currently its Technical Director. John is the person who provides strategic direction for the system, application and conceptual development of the company. John had also co-founded Ledger Assets and is also its Director and was also the Director of WA Property Investments previously.
Marc van Hoof – Marc is Power Ledger’s Chief Operating Officer and is responsible for the daily operations of the company. He has previously worked for Silicon Graphics and Ascend Communications and helped them build a cutting-edge Internet Provider Network and had also worked at iAsiaWorks and at Cisco as a Product Manager. He is also associated with many startups as an Advisor.
Vinod Tiwari – Vinod is the General Manager of Sales and Business Development at Power Ledger. He has many years of experience working in Australia’s energy sector. He was previously the COO at Regen Power & Senior Advisor for Future Effect and the General Manager Sales for Perth Energy. Vinod has a Bachelor of Engineering in Electrical & Electronics degree from Birla Institute of Technology and Science, Pilani and an MBA degree from The University of Western Australia
Marc Griffiths – Marc is Power Ledger’s, Chief Technology Officer. He has over 10 years of experience and is an ex-Goldman Sachs developer. He is highly knowledgeable having worked on technologies like Bitcoin, Ethereum, Multichain, Eris and Hyperledger for companies like Blockchain Labs NZ, iiNet, TIBCO Software etc. He has a Bachelors’ degree in Computer Science from the University of Warwick. Marc uses his knowledge and experience to strategically design and builds Power Ledger solutions.
George De Bono – He is currently associated with Power Ledger as it Sales and Business Development Manager. With over 25 years of experience working for companies like Del and Red Hat, De Bono has a proven track record of being a multidisciplinary senior Sales & Operations professional. He is experienced in direct and channel sales.
Nuno Martins – Nuno is Power Ledger’s Blockchain Expert. He is a full stack developer and is also a Blockchain engineer and a Security Specialist and is highly experienced in system security and design. He is also an Electronics Engineer with experience in robotics and A.I.
Lara Zeidler – Zeidler is Power Ledger’s International Market Development Manager. She is associated with Power Ledger in a strategic capacity he is responsible for accelerating the disruption of the energy industry globally. She has previously worked for Adidas in Dubai, Lendlease in Australia as well as for the United Nations in Bangladesh. She has BA degrees in Marketing & Management, Commerce and Agricultural Science from the University of Melbourne.
Meagan Cojocar – Meagan is associated with Power Ledger as a Principal Analyst. She has B.com degrees from The University of Calgary and The University of Western Australia. She has previously worked as an Analyst for TransCanada and The City of Calgary. Megan works both on Power Ledgers internal and external projects and has held key roles within the Suburbs $8M and the Smart Cities project and even on Power Ledger’s white paper.
Bill Tai – Bill is Power Ledger’s Global Ambassador and Advisor. He is a famous venture capitalist and is an advisor and board member in many startups like Scribd, BitFury Group Ltd, Voxer, Miselu Inc.etc. He had founded iAsiaWorks and is it CEO. He has a BSEE degree in Electrical Engineering from the University of Illinois at Urbana-Champaign and an MBA degree in Finance & Economics from Harvard Business School.
WePower, without a doubt, is one of the top blockchain-based sustainable energy projects. Today’s world mostly depends on traditional ‘environmentally dirty’ energy sources, e.g. coal and oil, for the energy need. Though government and private firms alike have put effort to shift to cleaner sustainable energy sources like a wind turbine, solar panels etc., the progress is rather slow as these require a tremendous amount of investment to build the infrastructure and even then the output is nowhere near to completely meet the energy need of the world. WePower’s aim is not only to find investment money for new green energy projects but to ensure it creates a network of such to connect consumers, investors and producers on one platform.
The Lithuania-based firm raised $30 million in their presales – $11 million in public pre-sales and the rest $19 million from investors and funds, in Ethereum. WePower Tokens, called WPR, was released for ICO sale on February 1, 2018, and though it was supposed to go on till February 14, it ended on the very next day (Feb 2) as the target of $40 million was met. The price of the ERC20 type token was set at 1 WPR= 0.13 USD. WePower ICO tokens could be bought using ETH, BTC and NEO cryptocurrencies.
The WePower team has generated 745,248,183 WPR tokens out of which 475,707,725 WPR tokens are currently in circulating supply. The company released 62% tokens for ICO and the remaining 38% are is allocated as follows – 20% for the team, 15% for community growth and 3% locked up.
As of August 28, 2018 the market cap of We Power is $11,382,748 USD (1,641 BTC or 39,759 ETH) and the 24-hours volume stands at $502,251 USD (72.43 BTC or 1,754 ETH). The WPR token launched with the value of $0.207098 USD and next month reached its highest of $0.217226 USD. The current value of the WPR token is $0.023928 USD. The token is available for purchasing on Binance, Huobi, Kucoin, Sistemkoin, Liqui, Ethfinex, IDEX, Bitbns, DDEX exchanges and all you need to buy these are either of ETH, BTC or USDT. Some exchanges also offer fist trading in USD, TRY, and INR.
WePower provides fundraising platform for green energy producers and sale their produced energy upfront. The tokens issued by energy producers represent the energy they commit to produce and deliver in the future. The WePower model allows for energy producers to trade directly with the green energy buyers i.e. consumers and investors and raise capital by selling energy upfront, at below market rates. This helps the producer to raise fund for the development and running the organization.
In turn, investors benefit from the energy share donated by the producers with respect to the tokens held by the investors. Investors can either sell or use the energy to liquefy their investments. Investors will get 0.9% per token worth of energy from the producers as a donation, 1WPR token=1 kWh, a passive income opportunity. This idea provides benefit to both the parties and raise the interest of more investors as well as encourage startup green energy producers to bring out their product in the market without going through the hassle of taking the support of the investment plans of finance organizations like banks.
The WePower team has segmented the project into three parts – WePower Breeze, WePower Storm, and WePower Hurricane. While Breeze is about setting up the platform where users can buy and sell energy, Storm is about integrating their platform with local power grids which is the most complex part of their development. An interesting feature is definitely Virtual Power Plants – networks of distributed renewable energy generators run through a single control unit. The last phase, WePower Hurricane is about decreasing transaction costs while improving the scalability of the platform, simplifying and automating the user interface, and introducing AI to help optimize the system. At this stage, the system offers a smart contract for buying and selling of energy, behind-the-meter control and monitoring devices integrated for power generation and storage.
Partnership with WePower can empower utilities in exploring the following possibilities which are non-existent presently:
- Energy data stored on blockchain enabling new consumer experiences.
- Exploration of the advantages of operating as a data broker business model at scale.
- Aiding with the integration of renewable energy providers along with a smart grid thus helping in the facilitation of grid-level energy cluster creation.
WePower project has an impressive list of partners. The project is supported by the Ministry of Energy of the Republic of Lithuania. It has become a global initiative backed up by several global green energy producers like Civitas projects, Conquista Solar and Novocorex. The project has managed to connect more than 1000 MW solar power capacity of plants together via its platform. Apart from this, WePower project is backed up by one of the most innovative transmission systems operators in Europe, Elering. Elering has set the goal of tokenizing all Estonian energy sector via WePower platform.
The Australian Energy Track program selected WePower as one of the 11 electric power projects for Startupbootcamp Accelerator (SBC) program. This allowed WePower to launch itself in the Australian market together with Energy Australia, the largest energy company in the region and Spotless – starting an energy campaign in Australia. Electric retailing companies like 220 Energia operating in a number of countries mostly in the Nordic and Baltic region has joined WePower to tokenize energy sector. The team has planned to expand their business to Spain, Australia, and Estonia by the end of 2018.
The WePower team has highly experienced professionals with most of them associated with the energy industry for more than 10 years.
Nikolaj Martyniuk – Co-founder and CEO of the company with more than ten years of experience in renewable energy. He has led big brands like Modus Energija and was a partner of Contrarian Ventures – a firm dealing in smart grid projects. He has also worked at JSC Renville as Head of Biogas Department.
Artūras Asakavičius – He is another Co-founder of WePower, looking into the investor relations and legal aspects of the business. With a strong background in regulation and Fintech, he has led a team of five lawyers at FinTech, handled all blockchain and cryptocurrency related businesses of Sorainen, the most reputed law firm of the Baltic region. Apart from also being a former chairman of Lithuanian Fintech Association he has been recognized twice as a Lithuanian Crowdfunding Patron by the EU Commission.
Kaspar Kaarlep – The CTO of WePower previously spent nearly 7 years in at Elektrilevi, one of Estonia’s largest electricity companies, leaving the firm finally as CTO. There he worked on worked on smart grid challenge and integration of green energy. He was in charge of development and execution of DSO strategies and plans a well as he also managed total operations and Information technology and operation technology. He is also widely known to speak at European conferences regarding energy systems digitalization, specializing in building and implementing big data analytics systems and smart meters.
Heikki Kolk – Energy IOT Expert at WePower, Heikki is the Principal Consultant for Catapult Lab’s consulting services team where he leads the overall activity of WePower’s three consulting service offerings: Systems Integration, Post-Security Risk Assessment Support, and Business Analysis & IT Governance Support. Prior to working at Catapult Labs, Heikki worked for Elektrilevi, holding different positions over 10 years. Kaspar and Hekki together brought a team of 12 energy engineers, e-Skype programmers to connect WePower with the energy companies.
There’s a strong team of advisors onboard as well. Some of them are –
Jon Matonis – Jon Matonis is a very well-known personality in the cryptocurrency world. He is the Founding Director of the Bitcoin Foundation and chairman of Globitex, which is another cryptocurrency platform. He has been associated with big corporations like VISA International, VeriSign, Sumitomo Bank, and Hushmail in reputable positions. His is an advisor to the WePower blockchain.
Eyal Hertzog – Blockchain and token advisor at WePower. He is an entrepreneur with more than 20 years of entrepreneurship experience. He is the founder of Metacafe, a video sharing site popular in Israel with a peak traffic of 50 million unique hits. He is also the founder of Contact Networks, a social networking site started in 1998. His recent works include the foundation of the Bancor Protocol.
David Allen Cohen – He is associated as the Energy advisor of WePower. He is the chairman of Dcntral, a blockchain-based Cybersecurity company. He is renowned internationally for his work in Smart Systems Software platforms. He is among the top 100 Movers and Shakers in the SmartGrid by Greentech Media. He is also famous for pioneering the “the Grid Edge” as the founder and CEO of Infotility and uncovered a multi-billion dollar SmartGrid market. He is also among the founding members of Emeritus of the GridWise Architecture Council (GWAC), the organization with the vision to launch of the SmartGrid industry. He was also the member of IOTA foundation and IOTA token.
Trevor Townsend – Trevor is the Startupbootcamp Australia energy program manager and leading the program in WePower. He was the founder of TIBCO Software, which is a startup company listed in 2004 NASDAQ, designed the first wholesale energy software trading system in Australia. He has 15 years of experience in Angle Investing with numerous exits which include two listed in ASX.
Nimrod Lehavi – Payment advisor to WePower. Co-founder and CEO at Simplex and board member of the Israeli Bitcoin Association.
Rene Fischer – He is the PR partner of WePower. He has over 25+ years of experience in business development. He worked in more the 20 countries for startups and businesses as a business developer.
Saber Aria – CEO and founder of two well established digital marketing agencies with diverse clients including fortune 500 companies. His expertise has led him to be a keynote speaker at the Affiliate World Asia. One of the inspiring panel being “0 to 7 Figures in One Year”.
Though neither as big as Power Ledger nor as different as WePower, Electrify Asia project is significant because the demographic it is targeting has the biggest potential (as the Sun shines there all the time!) and also they already have a working product. Their plan is long-term and already well-grounded in Singapore, their homeland, they will eventually spread to entire Southeast Asia, Japan, and Australia. Put simply, Electrify Asia plans on creating a decentralized electric ecosystem to help build a smart energy ecosystem. And if we want to state what Electrify Asia brings to the table primarily, that would be lower electricity cost to Asia and security for trading.
Before even they have started to implement, Electrify Asia launched their firm in March 2017 as Asia’s electricity marketplace for both business and residential consumers to compare, select and transact electricity contracts. In the second part of 2017, the firm assessed the scope of implementation of complex contracts on Ethereum blockchain and p2p energy trading through the use of their IoT infrastructure. Electrify claims that in last 12 months, they had transacted over 60 GWh of electricity, representing a GMV of over S$10M, through their cloud-based platform.
Electrify Asia currently holds a market cap of $5,327,592 USD (760 BTC or 18,429 ETH) and a 24-hour volume of $232,881 USD (33.22 BTC or 805.58 ETH) as of the time of the writing. The Electrify Asia token started with a value of $0.051928 and reached its peak of $0.193673 on April 27, 2018. The latest value of the token stands at $0.011867. The token is called ELEC and it is an ERC-20 type token.
The Electrify team has generated 750,000,000 ELEC tokens in total, out of which 447,849,572 ELEC is currently in circulating supply. The team has decided to distribute the tokens as follows – 50% for Token sale, 18.4% for the Team and future team members (Vesting: 50% at each 6-month interval), 9.0% Advisors and Partners, 18.5% Treasury and Community Development, 6.1% community development for small-scale energy producers and consumers, 11.2% for reserve, 1.2% for contribution to research to blockchain public scaling development, and 4.1% kept for Airdrop to the community.
The firm has received funding from both institutional and individual investors – prominent VCs like Global Brain and Wendell Davis, Ethereum’s co-founder. One thing to note here that the team has not provided any bonus was given and half of the private allocation is locked for 3 months on investments of more than 300k USD, and 10M USD will be evenly distributed between whitelist members. This is really a good sign.
Electrify had a hard cap goal of $30 million, and they managed to raise $29,102,830 with a token price of $0.08 during their ICO that ran from February 23, 2018, to March 2, 2018. According to their whitepaper, the team has allocated the raised fund as follows 52% for development, technology, and research; 19% goes to staffing, 10% for operations, 10% to business development and partnerships, and the rest 9% to accounting and legal.
As this is an Asia-focused project, there are only a couple of exchanges trading the ELEC token, namely HitBTC, Kucoin, IDEX, Gate.io, IDAX, TDAX, DDEX, and Kyber Network, with HitBTC offering the major share of the token. These exchanges allow only ETH, BTC, USDT and THB (fiat) for ELEC trading for now.
So what is the issue Electrify trying to tackle? The whitepaper of Electrify points out that Asia accounts for 60% of the world population, with nearly half of that figure living in cities and being connected to the central power grids. It points to the recent liberalization of power grids within specific countries, including Japan in 2016 and parts of China. As more countries liberalize the grids, consumers get more options for energy consumption. Unfortunately, the grids remain centralized and managed by corporations, even in areas with liberalized grids. Combined with the quickly growing demand for renewable energy resources, this leads to a need for change.
As you expect the blockchain technology allows the firm to have smart contracts distributed ledger system for this purpose. Now, Electrify Asia has already launched Marketplace 2.0, the framework for the blockchain based energy trading platform. This allows consumers or prosumers to buy electricity from both centralized body and peers. Now small consumers will be able to join the platform and can choose to select any retailer listed to get energy from. Many consumers will be able to have contracts with many energy retailers simultaneously. The platform allows the cost for a retailer to set-up a contract with a small consumer to be dramatically lower than existing solutions.
Electrify Asia’s energy trading platform is called Synergya and if everything goes according to their plan, they will launch it in Q4 2018. This will allow any small electricity producer to sell its surplus energy to any consumer. For example, a user having installed solar panels on his house can directly sell the solar energy to a consumer, without a middle-man via the Electrify marketplace. There will be no need to set up new electricity lines infrastructure as the electricity flow between all parties will be based on top of the existing national power grid lines. This obviously needs smart contracts to a function in which the users will be able to do by the end of 2018.
The AI built into the platform recommend the most suitable energy plan and provider to energy consumers subscribed to a service Electrify Asia’s AI will take into account the consumer’s various parameters and preferences like lowest price, the highest percentage of clean energy, best customer service, usage patterns, contract length, etc. The AI engine will take inputs from available P2P contracts (via Synergy) and retail electricity plans to provide an optimal recommendation for the user.
Like Power Ledger’s smart meter, Electrify Asia has powerpod to audit and track energy production which will be mainly used by prosumers. It is basically an IoT hub with a customizable data-visualization dashboard which is used to enable and measure P2P trades by logging into the electric energy onto its blockchain network. For producers need to deposit 200 ELEC i.e. 200/kWp and give it permission to be used on the blockchain. This ensures that the producers hold their energy for the long-term and disincentives them for dishonest behavior or tampering with the network. This too has long-term highly-scalable applications in the field of wide-scale data acquisition, allowing many different types of sensors to be deployed at relatively low cost.
All payments for energy trade and consumption will be made through Electrify’s eWallet from the consumer to the retailer. The underlying technology has a decentralized value exchange feature which allows consumers to pay for their power in both fiat and tokens. This will help energy suppliers have secure payments and protect their credit score from being compromised. The transaction volume is expected to be extremely high asking for a scalable solution, and that is why team Electrify Asia has partnered with OmiseGo to use their technology for a highly scalable and low-cost solution.
The energy producers using the marketplace will have to own a certain number of ELEC tokens in order to offer electricity plans to consumers. While this number for small energy producers is 200 ELEC ($16 USD at ICO price) per 1kWp of rated generation capacity, the electricity retailer has to hold at least 10,000 ELEC (about $800 USD at ICO price rate).
The team has given an estimation that the network fees (of course paid in ELEC token) will be less than 1% of transaction volume. Also, the elec token will be used to pay for services beyond the standard marketplace such as auto-switching such as the best energy offers. To make it more rewarding, Electrify Asia team has also implemented a tiered reward system that will allow consumers to receive greater loyalty rewards based on the length of the period of usage and amount of ELEC owned.
The most important partnership Electrify Asia is definitely with OMG to work towards integrating their SDK wallet into Electrify marketplace, in addition to utilizing the OMG plasma network for support low cost and fact transactions. Electrify will develop an SDK layer for electricity retailers to develop and customize their own retail electricity plans for consumers on Marketplace 2.0. This SDKs actually will act as a rating engine as well as payment terms to generate a bill for the consumers. The firm has the plan to expand into Australia and Philippines by 2019.
Electrify has partnered with China’s Narada to roll out Smart Electricity Solutions across APAC. The firm has also partnered with Japan’s TAKE Energy Corporation. Now the biggest and interesting partnership apart from OmiseGO that gives Electrify Asia a huge edge is its partnership with TEPCO, the fourth largest energy company in the world. They have also joined the Ethereum community fund a few months back.
Julius Tan – Julius is the CEO & Co-Founder at ELECTRIFY, Singapore’s first marketplace for retail electricity plans. At ELECTRIFY, he aims to improve customer experience by offering multiple plans from reputable retailers, lowering the cost of energy and providing clarity on price plans and the upcoming market liberalization. He is an MA, BA (Hons) in Mechanical Engineering from University of Cambridge. Before joining Electrify, he was in Sunseap Energy as Head, Energy and was looking after Business Strategy, Risk Control and Management and Management Reporting.
Martin Lim – Martin is the Co-founder, Chief Operations Officer, Blockchain Enthusiast and Rainmaker. As a problem solver and new business connector, Martin has transformed many idealistic startups into newsworthy and profitable businesses. He has been leading in corporate planning, business development, and consolidation domains, for more than a decade. His interest in energy and water led him to co-found Arteton Sdn Bhd to develop water treatment systems for disaster relief in the region. Formerly he was Chief Operations Officer In Electrify Pte Ltd.
Sean Eu – Sean is the Head of Engineering at Electrify Singapore Pte Ltd. He possesses a strong grasp of Technologies due to his 20 years’ experience in the Information Technology domain. His core ability is to enable Businesses transformation through Technology Innovation, Strategic IT alignment, Business process re-engineering and IT leadership. He was formerly associated with GlobalRoam Pte Ltd as its Chief Technology Officer.
Zhi Wei Cheng – Cheng is head of Product and Strategy at Electrify Pte Ltd. He is responsible for market research and strategy development for regional electricity markets including Singapore, Japan, Philippines, and Australia. Previously, he was associated with DNV GL for as a Consultant for more than 3 years where he provided energy advisory services with a focus on electricity markets, energy efficiency programs (measurement and verification) and market studies in Singapore, Malaysia, Japan, Taiwan, Philippines.
Shi Ning P – Shi is the Head of Business Development at Electrify. Previously she was the Key Accounts Manager of Hyflux Energy Pte Ltd. She is a B.Com graduate in Finance and Marketing from Curtin University.
Angie Ho – Ho is the Head of Marketing at Electrify Pte Ltd. Formerly, she was the Vice President of Digital and Distribution Marketing at Pan Pacific Hotels Group. She is an expert at setting up and accelerating e-commerce channels on a global scale. She has 16 years of digital marketing experience with a unique combination of skill sets covering performance marketing, brand communication, and platform implementation. She has a depth of experience in building and managing high-performance teams. She studied Advertising & Marketing from University of Canberra
Alexia Lee – Alexia is a Business Associate at Electrify. She has a Diploma in International Business from Ngee Ann Polytechnic and has received a prize for ‘Decision in Spreadsheets Solutions’ and obtained CCA Gold Awards. She has a BA degree in Economics from Nanyang Technological University.
Jun Hasegawa – Jun is one of Electify’s main advisors. He is the Founder and CEO of Omise Holdings/OmiseGO and is an expert in BLOCKCHAIN SCALABILITY and PAYMENT TECHNOLOGY. He has over 16 years of experience in product & web design, proficiency in marketing, and also possesses a great appreciation of what it takes to revolutionize the payment industry in Thailand continue on a path of progress.
Wendell Davis – Wendell is the founder of Hive, which is an early digital currency wallet and co-founder at digital asset marketplace Hoard. He is also the CEO at Humint, Product Development Lead at OmiseGO as well as an Advisor at Streamr and a Special Advisor to Golem. His visionary expertise in product design within the blockchain domain is extremely valuable for the Electrify team.
Jeffrey Char – Jeffrey is the Founder and CEO of J-Seed Ventures and the Director of Corporate Venture Capital (TEPCO). He is also on the Business Innovation Task Force at TEPCO, where he leads the company’s blockchain initiatives and leading Tokyo Electric Power Japan (TEPCO) to be a founding member of the Energy Web Foundation. He is also an advisor with Grid+. He is now the advisor at Electrify.
Calvin Soh – Calvin, the founder of Ninety Nine Percent is an award-winning expert in the advertising space, and enjoys a distinguished career across top global agencies like Ogilvy & Mather and Saatchi and Saatchi. He is an expert in strategic market positioning and provides counsel on all matters creative for Electrify.
Shirley Wong – An entrepreneur with more than 28 years of experience in the fields of Information Technology & Technology industry, Shirley Wong is one of Electrify’s Advisors. She is currently the Managing partner of TNF Ventures and had previously co-founded Frontline Technologies, a company with a workforce of 5,000 professionals across 11 countries. She is also the board member of many organizations like the Infocomm Media Development Authority of Singapore (IDA), Singapore Science Center, Assurity Trusted Solutions etc and is also the Co-chairman of the Cyber Security Awareness Alliance, the Vice Chairman of South Asia Business Group and Chairman of the NKF Volunteer and Patient Advocacy Committee.
It is quite clear that Power Ledger has a huge advantage over others in scale, infrastructure and potential over others and this is not only due to the fact that they started early. The other two, WePower and Electrify Asia will likely to catch up for sure. While WePower has a slightly different vision focusing on investment, Electrify Asia is actually the direct competitor of Power Ledger. Though at the moment they are focusing on Asia, with the major population living in this part of the world, it has all the elements to outrun Power Ledger.
After discussing the top three energy projects, let’s have a brief look at the other players in the field.
SunContract is a self-sufficient peer-to-peer energy trading platform offering the user to freely buy, sell, and trade electricity directly with another This system disrupts the conventional power generator and distribution system as it gives the consumer the power to buy electricity at a negotiable price. Currently, it is operating in Slovenia but plans to spread throughout Europe.
The objective of the Pylon project is to establish an open community allowing the exchange of renewable energy. It aims to provide the peer-to-peer distributed green energy market with the financial incentives as well as signals.
The GRID+ project allows homeowners to buy and sell greener energy at a cheaper price with the help of a simple gadget. The automated system allows all unused power return to the grid.
The future of green energy seems secure as more and more startups have started realizing the huge potential sustainable energy offers in the energy market. And powered by the blockchain tech, a huge number of advisors erased funding problem, and eager users going to make all of these successful, well in their own scale and scope of course.