Australian-based solar start-up Power Ledger will reportedly receive $8,25 million in funding from the government for its project using blockchain technology.
Australian-based solar start-up Power Ledger will reportedly receive $8,25 million in funding from the government for its project using blockchain technology. The project is also being supported by other collaborative partners like Curtin University, Murdoch University, Curtin Institute of Computation, LandCorp, CSIRO/Data61, and CISCO.
According to Power Ledger`s press release, the initiative is testing the use of blockchain-powered distributed energy and water systems and represents the second largest recipient of the Grant in Australia.
How it works?
The trial will deal with highly resilient, low-carbon and low-cost systems installed and connected using blockchain technology. More specifically, a solar photovoltaic (PV) plant, rooftop solar PV panels, a precinct sized battery, an electric vehicle charge station and precinct water treatment and capture systems will be orchestrated by the help of data analytics and blockchain technology.
According to the announcement, the project can bring financial and service sustainability to the community, while engaging the private sector. The initiative is being hosted by the City of Fremantle in Australia. The Mayor of the City of Fremantle, Brad Pettitt, commented that the collaboration fits with the city`s One Planet zero carbon energy target and will assist in securing sustainability for the local communities.
Funding and partners
The funding is part of the government`s inaugural Smart Cities and Suburbs Program, whose goal is to solve practical problems connected to distributed energy and water systems.
As for the partners, they would delegate the main responsibilities in relation to the project. Curtain University, for example, is responsible for project management dutues, as well as research. Murdoch University will provide research support on alternative district water supply and storage schemes, while Curtin Institute for Computation and Data61 will provide the data analytics needed to generate insights from these projects.
Power Ledger will contribute with the transactional layer for the renewable assets as well as the ownership model for the community owned battery. As Dr. Jemma Green, co-founder and chairperson of Power Ledger, explained in a statement:
“We’re excited to break ground on this truly novel project that utilizes blockchain technology to orchestrate sustainable assets.“
The project is expected to be realized in a period of two years. It is definitely interesting to see how blockchain technology and big data analytics can provide solutions to problems concerning energy generation and water treatment systems.