Power Ledger’s latest partnership gives it foothold in the biggest US wholesale power network
Thursday, November 15, 2018/
Aussie peer-to-peer renewable energy trading startup Power Ledger is implementing its platform at a US retail electricity provider, marking an introduction to the largest wholesale electricity network in the States.
Power Ledger’s platform uses blockchain to distribute power through a peer-to-peer network.
The electricity provider, American PowerNet, is part of the Pennsylvania-New Jersey-Maryland Interconnection, and will introduce peer-to-peer energy trading to this network for the first time.
American PowerNet’s headquarters will use Power Ledger to trade solar power, generated through panels on site, with neighbours connected to its office park.
The project is intended to optimise the use of clean energy, thereby reducing carbon emissions and electricity costs.
It will make use of American PowerNet’s existing distribution system, meaning the power provider will not have to add any additional hardware.
In a statement, president of American PowerNet Scott Helm said this type of structure will benefit all parties involved, “and can be recreated in any deregulated territory where a business site has excess solar generation”.
Powerledger co-founder David Martin adds this network is “a key market where the benefits of peer-to-peer energy trading can become mainstream”.
It’s this kind of deployment that could easily be rolled out on a larger scale, and it proves there’s a demand, Martin says.
“This project illustrates the growing customer desire to invest in clean, renewable energy and aligns perfectly with our goal to democratise power, globally,” he says.
This latest mandate comes after Power Ledger took home the trophy at Richard Branson’s Extreme Tech Challenge 2018. At the time, co-founder Jemma Green told StartupSmart the award was a “kind of validation”.
“It adds credibility to a startup that wants to get its brand out there and develop more, and implement more products,” she said.
Launched in 2016, Power Ledger raised $34 million in one of Australia’s first initial coin offerings in October last year.
In February 2018, the startup partnered with US not-for-profit Helpanswers, to bring the trading platform to hundreds of sites across North America, and in May, it announced its first commercial deployment in the US, through a partnership with a Chicago university.
A cultural war: What Hayne's report means for fintechs, accountants and small-business lending Charlotte Petris Timelio founder
In a perfect world: Canva's Melanie Perkins dreams about the future of Australian startups Melanie Perkins Canva co-founder
Swipe right for (data) validation: What dating apps can teach us about data security Leah Callon-Butler intimate.io co-founder
How do Australian startups tap into the $140 billion of dry powder sitting in the US? Andrea Kowalski Bailador partner
No silver bullet: Four steps to find the perfect sales and marketing channel for your startup Vinne Schifferstein Vidal Botown founder
Buzinga to Appster: An insider's theory on why the app giants keep falling Joseph Russell DreamWalk Apps co-founder
Got brand goals? The four most marketable sports of 2019 Andrew Montesi Pickstar head of marketing
What founders can do now to prepare for a possible 2019 recession Les Szekely EVP co-founder