An 18-month-old Perth-based blockchain startup has formed a partnership with Japanese green energy supplier, Sharing Energy, to track the use and distribution of clean energy.
Australian blockchain startup, Power Ledger, will be forming a partnership with Sharing Energy, a Japanese renewable energy company. The deal will involve the solar panel company using Power Ledger’s distributed ledger technology to track the use of clean energy.
Initial trials will involve about 100 customers of Sharing Energy. The number is expected to grow to about 55,000 by 2021.
According to reports, blockchain energy startup Power Ledger will work side by side with Sharing Energy, a Japanese solar energy firm, to make money from the sale of solar energy.
Dr. Jenna Green, Chairman and Co-founder of Power Ledger, said the partnership is a clear indication of how blockchain technology can help solve global renewable energy problems. The partnership is part of a broader move to utilize energy from the sun instead of fossil fuels in Japan.
Power Ledger made headlines in 2017 by becoming the first Australian blockchain company. The Perth-based startup raised $27 million via crowdfunding and has since sought several partnerships with firms around the world.
A few months after its launch, the firm formed a partnership with Thai government-backed renewable energy developer BCPG and then with American NGO Helpanswers. Afterwards, the firm partnered with Silicon Valley Power to track the use of renewable energy by electric vehicles in the tech hub.
Despite its inception only 18 months ago, Power Ledger’s partnership with Sharing Energy is not its first joint venture with a Japanese firm. The Australian startup worked with Kansas Electric Power Company, Japan’s largest privately-owned electricity retailer, to help redistribute excess solar power efficiently.
Power Ledger’s main focus is to provide clean, safe and affordable energy to customers anywhere in the world. Its platform tracks energy usage and monitors distribution to customers using blockchain technology.
With the rate at which Power Ledger is gaining traction among different companies, it is clear that the future of energy distribution lies in blockchain.
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