ELECTRIFY, a Singapore-based marketplace for electricity, announced today a partnership with Narada Asia Pacific Pte Ltd. to offer transparent and real-time energy trading across the Asia Pacific.
With the deal, the goal is deploy an energy pricing solution in Singapore, Australia, Japan, and Cambodia by the end of 2018.
The logistics involves a piece of IoT technology called a PowerPod. The device collects real-time data and presents it on a dashboard so that Narada can quickly track the movement and price of energy.
Narada Asia Pacific is a subsidiary of Narada Power Source Co. Ltd. , a Chinese energy storage company that now boasts the second-largest capacity in the world.
ELECTRIFY is a blockchain-based company that uses the technology to facilitate a peer-to-peer energy trading. The idea is to use the technology to streamline the process of buying/selling of electricity.
For example, in Singapore, businesses have the ability to choose their electricity provider but not most households. In the second half of 2018 that will change and 1.3 million households will be able to choose their energy provider. ELECTRIFY hopes it can act as the go-to marketplace for these people.
The company recently raised US$30 million to pursue this goal.
Jonathan Tai, a spokesman at Narada said the energy intelligence will help the company pursue an energy distribution system that contributes to a healthier environment.
Martin Lim, the Co-founder and COO of ELECTRIFY expressed similar sentiments.
“We believe the future of energy sustainability starts with smarter and more efficient energy ecosystems. This belief has guided the development of our technology and solutions,” he said.
The two sides said they are also exploring a potential deal which could involve placing solar panels on commercial and residential rooftops.
In mid-April, ELECTRIFY signed a deal with TEPCO to bring its P2P solution to Japan.