Power Ledger will provide the blockchain technology to enable energy trading at new housing developments in Western Australia.
Under a deal announced Wednesday the energy-focused startup will install its platform across 10 residential estates being built in the Perth metropolitan area by local property developer Nicheliving.
A joint venture between Connected Communities Energy and Nicheliving, the energy trading project will see Power Ledger's blockchain platform implemented in Nicheliving's flagship "Sky Homes" and future housing over the next three years.
“Nicheliving is the largest medium density developer in Western Australia to deliver blockchain technology to manage energy delivery and trading,” said Jemma Green, co-founder and chairman at Power Ledger, in a press release.
“We’re seeing an emerging trend of project developers considering more low-cost and low-carbon energy supplies during the design phase of their projects. Power Ledger’s platform incentivizes homeowners to invest in solar energy infrastructure,” Green added.
Power Ledger said the initiative will kick off with 62 Sky Home apartments based in Inglewood, Perth, that will feature an embedded electricity network with solar and a storage microgrid. It will leveraging blockchain technology to stimulate a local renewable energy market.
"Power Ledger’s technology enables homeowners to lower their daily energy costs and unlock a new revenue stream by monetizing excess solar energy and reducing their reliance on fossil-fuel sourced power,” Nicheliving's managing director, Ronnie Michel-Elhaj, said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.