Residents in Western Australia’s (WA) historical coastal port of Fremantle may soon be able to trade solar power on a blockchain based platform.
The project, brainchild of renewable energy-focused crypto startup Power Ledger, plans to include 40 participating Fremantle householders next June according to Ben Wyatt, WA Minister for Finance, Energy and Aboriginal Affairs.
Once the trial is underway next year, householders can set a price at which they are willing to purchase and sell solar power for and finally carry out their transactions on a blockchain-enabled platform. Minister Wyatt explained, suggesting these households could well be the first in the world to sell their rooftop generated power back to the grid in this way:
“The trial represents an innovative solution to virtual energy trading that may have implications for energy utilities working to balance energy supply and demand all over the world.”
The trial has been enabled through a RENeW Nexus Project which has been exploring how DLT can integrate distributed energy, including water systems infrastructure in future city planning schemes. Power Ledger is already on this road after embarking on a similar project in the US with energy supplier American PowerNet.
Aussie Crypto Startup Power Ledger Brings P2P Energy Trading to Largest US Market https://t.co/OiVpHq5eON
— CCN – Capital & Celeb News (@CapitalAndCeleb) November 18, 2018
The US project enabled the solar power generated on the rooftops and carports at the headquarters of American PowerNet to be distributed to the surrounding businesses using Power Ledger’s xGrid platform. American PowerNet’s president, Scott Helm explained:
“Rather than just dump our excess solar power on to the grid, we’re thrilled we can now provide clean, sustainable power to our neighbors.”
Power Ledger has been making a name for themselves in technological innovation recently following their success in winning the 2018 edition of Extreme Tech Challenge (XTC) sponsored by billionaire founder of Virgin Group, Sir Richard Branson. Their winning spot resulted in the startup going on to receive financial endorsements totaling millions of dollars.
Fremantle’s nearest city, West Australian capital Perth, has also made the crypto news this week after announcing the opening of its first blockchain centre, designed to become a supportive business environment to encourage young start-ups to stay in the region, rather than moving overseas.
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