Power Ledger, an Australian energy trading startup, has entered into a new partnership in order to create a blockchain-based platform that would focus on trading renewable energy in Japan. Sharing Energy Co., one of the country’s leading providers in the solar energy field, will be driving the project.
New Blockchain-Based Energy Trading Project Announced in Japan
It seems that the reign of nuclear power plants in Japan might be coming to an end, as the country is looking to transition to other renewable energy sources.
Power Ledger, an Australian startup, has entered into a partnership with one of the largest solar energy companies in Japan to create an energy-trading platform. Sharing Energy is one of Japan’s biggest companies that specializes in the installation and provision of solar energy. The partnership would enable Sharing Energy to utilize Power Ledger’s blockchain platform to track renewable energy consumption, Cleantechnica reported.
The blockchain platform will initially only track renewable energy consumption from 100 pre-identified Sharing customers which are spread across the Kansai, Chubu, and Kyushu regions. Both companies expect the project to grow to more than 55,000 rooftops by the end of next year, which would make it one of the largest renewable energy projects in the country.
A Partnership That Could Help Popularize Renewable Energy in Japan
If the project runs according to plan and turns out successful, the company plans to sell excess energy to consumers through third party vendors. If in the meantime, Sharing Energy manages to obtain a retail license, it will sell to customers directly, Market Watch reported.
In the following months, Power Ledger will be tasked will providing real-time usage data to Sharing Energy. Starting from November 2019, its peer-to-peer platform will be used to facilitate trading between sellers and buyers using real-time data from existing smart meters.
Dr. Jemma Green, chairman, and co-founder of Power Ledger said that the company was proud of their efforts to “democratize” energy across the globe, especially in Japan. “This partnership is an exciting example of how our blockchain technology can make visions of implementing scalable, renewable energy solutions a reality for partners and communities worldwide,” she added.
Emiko Koga, president of Sharing Energy, said they were looking forward to work with an established leader like Power Ledger. The two companies’ partnership is not the first time Power Ledger has entered the Japanese market – in 2018, it partnered with KEPCO, an electric utility company operating in the Kansai region of Japan. Since then, Power Ledger has been working on developing a Virtual Power Plant model to address the country’s excess solar power generation problem.