Power Ledger blockchain firm signs new energy deal

Power Ledger, an Australian blockchain startup, plans to partner with Sharing Energy, a Japanese renewable energy firm. The deal will see the Sharing Energy use Power Ledger’s distributed ledger to track consumption of clean energy.

Reportedly, the project will focus on just 100 customers of the green energy firm. Power Ledger expects the project to grow to an approximately 55,000 customers within two years. Targeted locations included Tokyokanasi, Chubu and Kyushu. The project is aimed at helping Japan stop using fossil fuels and adopt the utilization of solar energy.

As reported by Business News Western Australia, the two companies will be working together to monetize energy production for customers.

While commentating on the mater, Dr. Jemma Green, the chair and Co-founder of Power Ledger stated:

“We are proud of the work we are doing in Japan and the strides we are making in democratizing energy across the globe. 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.”

The project will see to it that solar panels are installed on a hundred buildings and eventually more in the future. The project comes ahead of the proposed cuts to Japan’s feed-in-tariff program. Reportedly, Sharing Energy plans to sell the excess energy to people once the feed-in–tariff program is launched.

Power Ledger further added that they would provide near real-time usage data to Sharing at the early stages of the project. However, starting in November, Sharing Energy will use their Power Ledger’s peer-to-peer platform to facilitate trading using real-time data from existing smart meters.

After it made the news last year in September for becoming the first initial coin offering, Power Leger has established numerous partnerships in the blockchain space. The company already has working relations with Kansai Electric Power Company in Japan. Just months after its launch the company formed a partnership with BCPG, a Thai government-backed renewable energy company. Power Ledger also signed a deal with Silicon Valley power that saw the company begin to track the renewable energy consumption in the region.