Blockchain Startup Electron To Pilot Energy Trading Platform In South Koreabr>
Blockchain startup Electron has received further funding from the UK’s Government Department of Business Education, Innovation and Skills (BEIS) to pilot an energy flexibility trading platform in South Korea.
Part of the UK-South Korea Smart Energy Innovation Collaboration competition, the UK grant will help fund Electron’s project with South Korean energy solutions provider GridWiz, which builds upon the existing blockchain trading platform that Electron is developing for Britain’s electricity market. The two companies will collaborate to research, design and test energy flexibility products for the South Korean electricity market. The project will run until 2020 and will conclude with a series of real-world transactions.
Electron is harnessing blockchain technologies to design more efficient, resilient and flexible systems for the energy sector. The company designs platforms and services that aims to address the challenges in the energy sector. It maximizes the potential of new technologies such as distributed renewable generation and storage capacity.
“We are excited about this opportunity to bring our flexibility trading platform to the South Korean market in collaboration with GridWiz,” said Electron CEO Paul Massara. “The South Korean electricity markets are decarbonising and decentralising, and now is the time to start building the next generation of smart infrastructure. This platform could facilitate better integration of assets and uptake of energy flexibility, to creating a cheaper, greener electricity system for all. GridWiz are a leader in smart grid networks, and we look forward to a successful partnership with them going forward.”
JuneWoo Ryu, Vice President of GridWiz, said that the South Korean government is targeting to increase the share of renewable energy from 7% to 20% by 2030. Understanding the likely impact of this shift, he said the project with Electron will show the insight and possibility to bring flexibility in the energy system through blockchain technology.
“The GridWiz team will bring existing local flexibility market expertise and provide access to our own DER assets during the product development phase,” said Ryu. “A lot of stakeholders in the Korean energy sector already have shown interest in participating in our project.”
The project will also be supported by Imperial College London, which will provide assessments on future scenarios relating to the system-wide benefits of the large-scale rollout of distributed energy. It will also assess what the system value and business case of alternative flexibility technologies in South Korea could be.
“We very much look forward to the demonstration of new advanced blockchain concept, supporting the paradigm shift towards decentralized electricity market in the context of future development of South Korea electricity system,” said Goran Strbac, Professor of Energy System at Imperial College London. “The Imperial team will assess system-wide benefits of the large-scale rollout of Electron’s flexibility trading platform in the context of future smart grid concepts led by GridWiz, covering both local and national level objectives in future electricity system in South Korea by 2030.”