Power Ledger, Australia-based fast growing tech startup, has purchased a solar asset that will utilize a blockchain-enabled data handling system.
The company has purchased 250kW photovoltaic system from Perdaman Advanced Energy, in a deal aimed at providing renewable energy to customers.
“The renewable energy that the Maddington asset generates will be tracked using blockchain technology to provide a verified audit trail for energy generated, energy bought from the grid, energy consumed and energy dispatched to the grid,” the company said in a press release.
In early 2019, clean energy represented more than 21% of the country’s total electricity generation. Meanwhile, almost 50% of South Australia’s electricity consumption was from such renewable sources, data from Clean Energy Council showed.
Jemma Green, Power Ledger Co-founder, said, “Our trials with energy retailers and governments around the world have highlighted the demand for a product that enabled autonomous management and settlement of energy generation and consumption.”
He added that his company’s blockchain technology prevents any potential loss of revenue. “Australia’s energy regulator is pushing for a new two-sided energy market, Power Ledger has the technology to facilitate this transition”.
Generators can customize energy and trade tracking software fulfilling the regulatory requirements to help companies reach their renewable energy goals.
Vikas Rambal, chairman of Perdaman Advanced Energy, said “This project reflects our company’s multi-pronged efforts to create a better tomorrow by delivering clean energy solutions that bring down the cost of doing business in Australia and decarbonize our economy.”