Austrian Blockchain Energy Trading Company Power Ledger to Deploy P2P Solar Energy Distribution
Energy trading company Power Ledger has partnered with a subsidiary of one of Austria’s top five largest energy utilities Energie Steiermark, to deploy a peer-to-peer (P2P) energy trading network in and around Graz. Energie Steiermark will use their innovation arm E-Next for the project.
Power Ledger is a fast-growing tech startup that has developed a world-first blockchain enabled energy trading platform to make energy markets more efficient. Their proprietary software is currently being used in multiple countries including Australia, Thailand, India, Japan, and the United States.
The company’s energy trading platform provides homes with rooftop solar panels to sell excess renewable energy to their neighbors. Their technology will help drive the city’s transition towards a zero-carbon energy future, explained the company’s co-founder and Director David Martin.
Graz is home to Austria’s Smart City flagship project, which involves exploring new energy technologies to meet zero emission and carbon neutral targets by 2050.
One of the core focuses of Smart Cities is enabling surplus renewable energy produced by one building to be shared with other buildings that may not have produced enough. Martin says:
“Power Ledger’s technology will help drive the city’s transition towards a zero-carbon energy future, while also giving Graz residents a monetary incentive to use renewable energy. Power Ledger’s partnership with E-NEXT breaks new ground, not just in the transition to a cleaner energy future but also in the way blockchain technology can be integrated into existing legislative regimes through the adoption of innovative business processes.”
The project is going to be GDPR compliant. After the successful validation phase, the project has the potential to expand to more households in Graz and across Austria’s energy network.
E-NEXT project partner and innovation manager Mathias Schaffer says:
“Blockchain technology has the potential to disrupt a lot of markets – but as an innovation, we also think it offers new business opportunities and the chance to generate added value for our customers.”