Energinet and IOTA Foundation to drive IoT integration in the energy ecosystem
Energinet and the IOTA Foundation (IOTA) have signed a Memorandum of Understanding to cooperate in experimentation with the IOTA Tangle in the IoT and energy market domains.
The IOTA Tangle is the first open-source distributed ledger specifically being built to power the future of the Internet of Things (IoT), with feeless microtransactions and data integrity for connected devices and machines. Since November 2017, IOTA has been running the Data Marketplace initiative with the participation of Energinet and several industrial and IT companies.
After running tests on distributed identities, Energinet is now shifting toward exploring the potential of IoT devices integrated with the electricity markets with the IOTA Tangle. Energinet and IOTA will explore and test the possible use of IOTA in creating new products and services in the energy system centered on using IoT devices to accelerate the green energy transition, e.g. to manage heat pumps and electric vehicles towards using energy when there is an abundance of green energy in the grid. This collaboration will include services applicable to Energy and adjacent areas such as smart cities, smart buildings and mobility. This will be done through joint Proofs of Concepts (PoCs) and participation in collaborative IOTA initiatives.
Energinet is an independent public enterprise owned by the Danish Ministry of Energy, Utilities and Climate. Its core services center on electricity and gas transmission, including gas distribution and storage. With the goal of accelerating the green energy transition, Energinet has been exploring concepts of digital trust and distributed ledger technologies (DLT), and is now collaborating with the IOTA Foundation to explore the IOTA Tangle, an open-source, permissionless distributed ledger technology.
André Bryde Alnor, Market Developer in Energinet said: “As part of our journey to a digitized, green energy system, we know that we have to bridge the gap between the fast developments in IoT technology, being implemented on both household and industry level, and the centralized systems of the European energy system.”
Wilfried Pimenta de Miranda, Business Development Director at the IOTA Foundation said: “IOTA Foundation develops a cost efficient and scalable protocol that can enable Energinet’s ambition regarding developments across identity management, data access delegation, digital twins and data marketplaces. To make this happen, IOTA is eager to catalyze Energinet’s effort in research and experimentation within both tech and behavioral design. We look very much forward to shaping together an open and collaborative ecosystem.”
Financing rises in digital platforms and renewables projects
Cold Bore is leading a shift in the completions (fracking) industry towards safer, more autonomous operations by providing oil & gas companies with SmartPAD, a centralised fully integrated software and hardware platform designed to collect, analyse, and report data. Better utilisation of this data unlocks operators’ ability to make improvements across all KPIs.
Results from a recent SmartPAD implementation with Hibernia Resources, saw the Permian-based producer able to reduce the duration of their completions program by 15 days (27%), with commensurate reductions in cost and emissions.
Along with this investment from bp ventures, bp will be deploying Cold Bore’s SmartPAD in bpx energy’s US onshore operations. The technology will support bpx’s efforts to continuously improve its operations.
“The oil & gas industry has realised that technological innovation is key to meeting growing calls for reduced emissions and improved returns. Cold Bore is proud to be playing a leadership role in the future of oil & gas operations.” said Brett Chell, Co-founder & President at Cold Bore Technology.
“As we scale to meet incredible demand, we’re excited to have a strong strategic partner in bp, a forward-thinking international energy company, and to play a part in helping bp reach its carbon and operational targets. The future of the oil & gas industry is autonomous operations."
Existing investors include the Rice Investment Group (RIG), a $200M multi-strategy, energy sector investment fund.
Another company in the spotlight last week was Soltage, a leading independent renewable power producer, which has raised a $130M debt facility led by Silicon Valley Bank. The investment will finance a 110MW national portfolio of projects across North Carolina, South Carolina, Maine, Illinois, Virginia and Maryland.
The construction of this portfolio will be staged over the next three quarters, with construction currently underway on ten projects across four states. Customers purchasing electricity from the projects financed through this debt vehicle include Investor Owned Utilities buying power under Public Utility Regulatory Policies Act (PURPA) contracts, community solar subscribers and corporations purchasing power from the portfolio to meet clean energy goals and lower energy costs.
Silicon Valley Bank is the Sole Coordinating Lead Arranger of the debt facility with three other banks included as lenders. This facility includes an optional $100M expansion feature to finance additional projects beyond the current set of identified projects. This announcement marks the latest development for the Soltage Iris capital vehicle, following Soltage and Harrison Street's $250M commitment in March to deliver 450MW of new solar, solar+storage and standalone storage development across the US.
"Soltage continues to provide stable investment opportunities for capital providers who are looking for bankable approaches to sustainable infrastructure investment," said Sripradha Ilango, Soltage CFO. "We are pleased to continue to bring to market high quality project portfolios that open avenues for corporations, utilities and families to adopt solar power and achieve decarbonisation priorities."
"We are at a critical point where funding domestic infrastructure to bring more clean energy online in the United States is of the utmost importance," said Bret Turner, Market Manager at Silicon Valley Bank. "Our team is proud to work with Soltage to support building these essential zero carbon energy projects in key locations across the country."
This announcement is part of a continued movement of mainstream investors looking to solar and other renewable infrastructure assets for long-term investment opportunities. Soltage has deployed over $1B into clean energy assets across the US since its founding in 2005.
SVOLT Energy Technology Co., a leading EV battery manufacturer, held a B Round Financing Transaction Ceremony in Changzhou, Jiangsu on July 28. Following the completion of A Round Financing of RMB 3.5 billion ($538 million) at the end of February, the company rapidly closed this third round of market-based equity funding, raising a total amount of RMB 10.28 billion ($1.58 billion).
Last month also saw Longroad Energy, a US-based renewable energy developer, owner and operator, complete term financing for Sun Streams 2, its 200 MWdc solar project in Maricopa County, Arizona. Longroad owns 100 percent of the project after acquiring it in early 2021 from First Solar, the original developer.