22 October 2017
Register now

Electron wins UK Government Award to advance blockchain in balancing electricity markets

27 September 2017  |  2886 views  |  0 Source: Electron

Electron, a London-based energy tech company, today announced that it has been awarded substantial funding from the Government's Energy Entrepreneurs Fund to prove how blockchain will transform the market for balancing the electricity grid.

The grant will enable the company to scale and integrate a blockchain trading platform that allows electricity consumers to be paid to adjust their energy consumption to balance supply and demand in a system. The opportunity is sizeable - it is a £1bn per annum market in the UK today, forecast to rise to c.£5bn by 2030 (Poyry & Imperial College, May’17) as the percentage of wind and solar capacity in the system rises.

Electron’s application was supported by National Grid and Siemens (on market design and technical implementation respectively) who will continue to engage with Electron for the duration of the project.

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 maximise the overall value and liquidity of the flexibility market, at the same time as enabling individual purchasers of flexibility to share costs. The company refers to this concept as “collaborative trading”.

According to Electron’s CEO, Paul Ellis, “Blockchain is not just a technology. It is a revolutionary new way of transacting business without a central intermediary. Removing this intermediary enables new, better models of co-operation on an efficient, demonstrably fair platform.”

Separately, Electron’s platform has also been awarded 2017 tech pioneer status by the World Economic Forum (WEF). This award is given to companies who are developing innovative solutions and are poised to have significant positive impact on business and society.

Fulvia Montressor, Head of WEF’s Tech Pioneer programme said: “Electron’s pioneering use of blockchain tackles the energy usage challenge by increasing transparency and providing a framework for collaboration. Solutions like this are important tools to ensure energy needs are met while environmental impacts are minimised.”

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.com Register now

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
11132 views comments | 17 tweets | 24 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
11051 views comments | 22 tweets | 26 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9237 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8283 views comments | 9 tweets | 18 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
8259 views comments | 10 tweets | 22 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job