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 a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.