A developer of the pilot Brooklyn Microgrid project is joining a global venture exploring the blockchain potential on energy transactions worldwide.
Exergy, a brand of LO3 Energy, has become an affiliate of the Energy Web Foundation, the company announced Tuesday. Energy Web Foundation was started by the Rocky Mountain Institute and Austria-based Grid Singularity to create a network testing applications for eventually creating a core blockchain infrastructure.
“We believe in and endorse what EWF is building with their open-source energy blockchain,” Lawrence Orsini, CEO of LO3 Energy, said in a statement. “Together we are transcending the physical limitations of the legacy electric grid, and bringing choice to consumers.”
Exergy is a distributed ledger system combining software and hardware layers, designed to solve the operational issues caused by the growth of renewable energy resources operating within local distributed energy networks.
The EWF blockchain is purpose-built for the energy sector and Tobalaba, its test network, is being actively used by more than 30 companies to build and test their energy blockchain applications. Other affiliates include Duke Energy, AGL, Exelon, Innogy, Swisspower, Wipro, Sempra Energy, Centrica and Engie.
“The ability to create interlinked local energy marketplaces is one of the key areas in which blockchain can revolutionize the energy sector,” explained Jesse Morris, chief commercial officer of EWF. “The rapid growth of distributed renewable energy resources is creating both an opportunity and a need for standardization in this area and by working together, EWF and Exergy can make the blockchain-for-energy deliver on a global scale.”
L03 Energy was the startup-working with Siemens-initiating the Brooklyn Microgrid project in 2016. As part of the experiment, Brooklyn owners of solar photovoltaic systems sold their power in the neighborhood using the Ethereum blockchain application without involvement of a utility.
Energy Web Foundation has announced several major accomplishments on the blockchain front recently. In April, those included new features of the beta release, new affiliates and a sneak peek at its proof-of-concept..