Can blockchain help bring us cheap electricity?

Meet the company that’s won a Richard Branson-backed challenge, as it aims to bring down the cost of electricity…

by Manoj Sharma for CNR

The Australian blockchain-based energy trading platform, Power Ledger, has set itself one hell of a goal: to deliver inexpensive peer-to-peer electricity to everyone. Recently, the company won the Sir Richard Branson’s Extreme Tech Challenge on Necker Island.

The chairman and co-founder of Power Ledger, Dr. Jemma Green, disclosed plans for a new regulated security token as part of its ambitions, and shared the success mantra of the company.

“Success is where hard work and opportunity meet. Branson standing up and announcing, he and the other judges chose Power Ledger is an accolade and also a responsibility. He will be working with us now and we feel more inspired than ever to deliver on our mission”, Green said.

Branson has been active in the crypto community, known to be interested in two topics, climate change, and Blockchain. Power Ledger works across both.

Green added that winning Branson’s challenge “has already had a discernible impact in terms of clients that we were speaking to previously that were curious about us but not moving quickly. They are coming back to us, saying ‘let’s do a project. Branson offered to introduce us to some companies and organizations doing work in the Caribbean including energy networks there. We’re following up on that now”.

Currently, Power Ledger is focused on various projects across three main categories: energy trading, financing, and carbon markets. The company is also working on a project in collaboration with the Thai government involving peer-to-peer trading.

Its POWR token has managed to mine $62.7 million in market capitalisation. The company has also launched a new token, Asset Germination Events, with an aim to employ “cryptocurrency and blockchain projects to provide new sources of capital for funding energy projects”. The AGE will allow each individual investing in the project to be the part owners of the power assets.