Electron Receives UK Funding for Energy Grid Blockchain Projectbr>
London-based energy tech company Electron has been awarded substantial funding from the UK government’s Energy Entrepreneurs Fund to balance the energy grid using blockchain technology.
Electron is a start-up harnessing blockchain technologies to design more efficient, resilient and flexible systems for the energy sector. The company designs platforms and services that will empower the industry to address the challenges and maximize the potential of new technologies such as distributed renewable generation and storage capacity, the smart grid, and connected devices.
The funding will allow Electron to scale and develop “a blockchain trading platform that allows electricity consumers to be paid to adjust their energy consumption to balance supply and demand in a system.” Energy supplier National Grid provided market design, while automation company Siemens guided technical implementation in support of Electron’s application.
The company explained that, unlike traditional trading platforms that match buyers and sellers on a one-to-one basis, Electron’s platform leverages blockchain technology to allow multiple parties to co-ordinate and share the value of a single consumer’s action. This will maximize the overall value and liquidity of the flexibility market, at the same time as enabling individual purchasers of flexibility to share costs. Electron refers to this concept as “collaborative trading.”
Electron CEO Paul Ellis said that “Removing this intermediary enables new, better models of co-operation on an efficient, demonstrably fair platform.”