Power Ledger: Futuristic innovations with blockchain technology

Smart Grid

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As part of the commitment to a renewable energy-based future, Perth [Australia] based Power Ledger, a firm established in 2016 comprises a software that offers plenty of never-seen-before features and operates across three key markets: energy trading, environmental commodity trading, and renewable asset ownership.

Under energy trading, the software can be used to buy and sell electricity in real-time. It is ideal for people who have solar panels on their rooftops who can use this platform to sell excess energy to their neighbors. For people with battery storage, they are able to store the energy and sell it at the peak to maximize profits from the solar power generated. Similar to trading shares on a stock exchange, with this platform, it is possible to set buy and sell prices so that energy can be a trade-able medium at the right price. All the transactions are also recorded using blockchain technology. So, it’s secure!

“Leading the global democratization of energy movement where people have access to energy, can participate directly in energy markets and improve their lives and the lives of others have always been our outright goal.”

With, environmental commodity trading, the technology can be used to make the trading of environmental commodities and renewable energy credits more transparent, secure and efficient. The proprietary blockchain technology is also used to track energy from renewable sources to offset emissions as well as tracking the multitude of transactions relating to environmental commodities and renewable energy credits.

And, with renewable asset ownership, the development of the asset ownership model has led to the activation of more renewable energy assets so boosting the portion of green energy is available for use. There is a huge role to play in demanding energy from renewable sources, but there needs to be an incentive for a major shift to take place. Not every household can afford to install solar panels on their rooftop, so Power Ledger has developed another way for people to own a fraction of a renewable energy asset.

The market for trading environmental commodities is evolving rapidly, and there is a mounting pressure to ensure credits aren’t double-counted or misappropriated. Hence, with distributed energy networks designed around consumer demand, it is possible to build upon the society’s greatest asset – its human capital.

The old paradigm of energy access through grid extension alone is becoming obsolete, as bottom-up customer demand is motivating hundreds of millions of consumers to generate their own energy via renewable sources. This has generated a new type of energy generation, the prosumer, where the consumers produce their own electricity. Here, Power Ledger is developing a range of dynamic solutions for the evolving energy mix as part of its mission to provide clean, affordable and sustainable energy systems to the world. Their platforms have applications in managing electric vehicle settlements, carbon credits and even trading renewable energy P2P. The firm has formed partnerships with key industry stakeholders and energy operators. For instance, in the United States, Power Ledger has partnered with Silicon Valley Power, American PowerNet and Clearway. It believes that it can lift the world out of energy poverty.

The world’s fossil fuels are depleting at a rapid rate and there is a real need to adopt renewable energy sources. Power Ledger truly believes that they have the technology that can act as a tool to help accelerate the uptake of clean energy and deliver stable and low-cost energy. Its team comprises some of the world’s leading energy and blockchain experts who challenge each other to solve the biggest problems they encounter.

Dr. Jemma Green, co-founder, and executive chairman at Power Ledger says, “Personally, I’ve always had a huge appreciation for the environment. When I was just starting out on my career, low on the food chain in the finance industry, I tried to implement a recycling policy in my workplace. It was met with some resistance from my colleagues who were used to disposing of items in the same way. Further on, I became the voice of sustainability and corporate social responsibility (CSR) in the business of big money lending while at J.P. Morgan in London. I then went on to complete my Ph.D. in electricity market disruption and become a research fellow at the Curtin University of Technology. When I was elected as a member of the local council, I helped set up Australia’s first fossil fuel-free pension fund‎ and as well as been part of numerous boards championing sustainable businesses such as the Water Corporation, Carbon Tracker and Climate-KIC Australia.”

Photographs of Power Ledger staff David Martin – Director & Co-founder, John Bulich – Director & co-founder & Dr Jemma Green – Chair & Co-founder in their offices in Perth. 071118.

Dr. Jemma Green, Co-founder & Chairman, Power Ledger

Dr. Green went on to win the “Australian EY Fintech Entrepreneur of the Year award” and a few other awards that the company is associated with are “Sir Richard Branson Extreme Tech Challenge 2018 winner” – Power Ledger, “Women of Influence in innovation winner” – Dr. Jemma Green, “Australian Blockchain Industry Awards”, “Blockchain leader of the year” – Anya Nova, “Fast Company World Changing Ideas finalist” –  Power Ledger & “Charge awards for branding” – Power Ledger.

The company has active projects all across the world and has partnered with some of the most well-known energy companies on the planet to improve the efficiency and transparency of energy markets. For instance, the partnership with Japan’s second-largest utility, KEPCO, trialed a blockchain-enabled demonstration of P2P transactions for post-FIT surplus power in Osaka, proving the accuracy and consumer acceptance of Power Ledger’s leading-edge technology in Japan in addition to Australia. The way energy has been traded from the grid to the user hasn’t changed for decades, and in order to reach the Paris agreement goals for climate change, the company has planned for bigger commitments from energy corporations to power their operations from green energy. The firm is already working with companies around the world and has ongoing trials in Thailand, Australia, and the United States. It believes that this is a start, but there’s still a long way to go before getting to witness wide-scale adoption.
Recently, Power Ledger announced that it is rapidly scaling the present business by forming partnerships with energy providers across the world to proliferate the use of technology to promote the generation of electricity from renewable sources.

“It’s hard to break into a market that has operated and lived by the same guidelines for decades. We’ve spent the past three years working with regulators and energy retailers, not against them. We’re helping them find better efficiencies, provide unique service offerings to customers and improving access to renewable energy as an everyday option, regardless of whether users own solar infrastructure. Leading the global democratization of energy movement where people have access to energy, can participate directly in energy markets and improve their lives and the lives of others have always been our outright goal. So, we’re now looking only to the future, to a new year when the hard work of demonstrating the effectiveness of our platform delivers scale in terms of MW, RECS and users on the platform,” further adds Dr. Green.

Power Ledger is now working with property developers to implement energy trading software from the ground up and support solar & storage in people’s homes, and shopping center developments. The company’s goal is set on continuing its work with energy retailers and developers to integrate technology into their project so future homeowners and commercial buildings can be empowered in their energy usage and working in synergy towards a greener future.

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