Power Ledger’s blockchain powers smart homes
Australian tech startup Power Ledger has announced a three-year deal to bring Blockchain energy trading to housing developments in Perth.
The deal includes introducing the company’s innovative tech to 10 residential projects currently being built by Nicheliving, including its flagship development: Sky Homes Inglewood.
Starting out in 2016, Power Ledger was determined to make choosing renewable energy a cost-effective and easy choice for consumers. Noting that energy companies had failed to capitalise on battery storage and solar energy, the company decided to act.
Publishing a corporate ‘white paper’ in 2017, which was well-received by the blockchain community, Power Ledger received an A$2.5mn grant from the Australian Government and managed to raise a further $34mn to develop software and establish smart city trials.
The company’s technology allows customers to buy and sell electricity in real-time - if their house has solar panels, they can sell excess power to neighbours, and if the property has battery storage it can be sold during peak times to maximise profits.
Incentivising next-gen infrastructure
The Sky Homes project will feature 62 apartments, all built to be powered by 100% renewable energy delivered via solar panels and a storage microgrid.
“Nicheliving is the largest medium-density developer in Western Australia to deliver blockchain technology to manage energy delivery and trading,” said Dr Jemma Green, Co-Founder and Chairman of Power Ledger.
“We’re seeing an emerging trend of project developers considering more low cost and low carbon energy supplies during the design phase of their projects. Power Ledger’s platform incentivises homeowners to invest in solar energy infrastructure.”
The development is another step towards achieving the company’s founding mission: reducing costs to the consumer and promoting eco-friendly energy in the modern utility sector.
“Power Ledger’s technology enables homeowners to lower their daily energy costs and unlock a new revenue stream by monetising excess solar energy and reducing their reliance on fossil-fuel sourced power,” said Ronnie Michel-Elhaj, MD of Nicheliving.
“The relationship with Power Ledger will help us deliver on our commitment to building more sustainable communities for Western Australian homeowners.”
Expanding the network
In addition to activities in Western and South Australia (where it has a virtual power plant), Power Ledger is hoping to expand to the East cost within six months. Internationally, it has already started to establish a presence in Austria, Thailand, Japan, Malaysia and the USA.
The company has recently honoured by the US Congress when it was asked to deliver the Blockchain Congressional Caucus at Capitol Hill, which provided the opportunity to showcase the successes of its technology.
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Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.