US Department Of Energy Awards $1.05M Grant To Create Blockchain-Based Transactive Energy Platformbr>
Four organizations have received a $1.05 million grant from the US Department of Energy’s (DOE) Office of Science to commercialize a blockchain-based transactive energy platform.
According to a press release, energy company ComEd, the University of Denver, Virginia Tech and software specialist BEM Controls will use the funding to create an energy Internet that will enhance building energy management and benefits to occupants.
The platform, which will be developed over three years, will build upon a transactive energy platform developed by BEM Controls with funding from the DOE. BEM Controls said it selected blockchain to support its open architecture due to its recognized ability to ensure security for a broad range of transactions.
“The BEM Controls software incorporates time-based energy management and control of interior spaces in buildings to achieve greater energy efficiency, reliability and resiliency,” the release said.
ComEd, on the other hand, will be using its Grid of the Future Lab to demonstrate the functionality of the transactive energy platform.
“Energy management technology has the potential to make a very positive impact on the environments in which we live and work,” said Terry Donnelly, president and COO, ComEd. “ComEd’s Grid of the Future lab will play an important role in advancing the science in this field and support our efforts to deliver a premier customer experience.”
Dr. Amin Khodaei, Chairman of the Electrical and Computer Engineering Department at University of Denver, said that the growing proliferation of distributed energy resources calls for advanced management frameworks that support peer-to-peer communications while being fast, scalable and secure.
“Now is the time to develop and demonstrate the technologies that can make a more sustainable and resilient future possible,” Khodaei said.