Eight months after raising US$30 million funding via token sale, Singapore-based retail electricity marketplace Electrify today announced a new strategic investment round from Tepco Frontier Partners, a subsidiary of Japan’s largest utility company Tepco.
With major economies across Asia Pacific such as Japan embarking on the liberalisation of their energy markets, Electrify has inked agreements with global giants in the energy industry such as Narada Asia Pacific, which holds the world’s second largest energy storage capacity, and Tepco, to adapt its technology for regional markets.
Electrify will also explore commercialisation in Japan, in collaboration with Tepco, potentially serving about a third of Japan’s electricity consumption.
Last months, blockchain-powered Electrify alpha-tested its new P2P energy trading platform, Synergy, that will allow prosumers (producers of electricity who are also consumers) to generate, store and trade surplus power with another user across the same power grid.
Following the completion of the alpha test in Singapore, Synergy is slated for public launch in Q2, 2019. Synergy will be integrated into Electrify’s existing price comparison platform.
“Tepco maintains a fast pace while searching for possible collaborations with business partners, and rapidly conducts POC and customer value verification for the customers. Working with the team to adapt their technology for markets beyond Singapore, Electrify has proven itself to be a true contender in shaping the future of the Asian energy landscape, leading the market with its innovative use of blockchain technology, speed to market and global innovation,” said Tadashi Tamura, President of Tepco Frontier Partners. “Amid a changing, more deregulated landscape, we look forward to bringing joint innovation to market and making a positive difference to communities.”