Power Ledger, one of Australia’s most successful blockchain ventures, has announced that it will partner with a Western Australian building company in order to create another real-world implementation of the platform’s unique blockchain-enabled energy market.
Announced on September 14, the new initiative will see Power Ledger partner with Western Australian property developer OP Properties in order to create a new blockchain-enabled apartment complex that integrates the energy tokenization technology of the Power Ledger platform.
Residents living in the soon-to-be developed apartment complex will access savings of up to 50 percent on their annual strata levies due to Power Ledger blockchain technology, saving significant amounts of money on the cost of maintaining common areas.
The development will see 39 new apartments built near the center of Fremantle, with building roofs incorporating a 75kW solar rooftop PV and 670kWh on-site battery storage. The development, apart from integrating energy saving blockchain technology, will also draw from 100 percent green energy sourced from local energy retailer Change Energy.
Residents Cash In on Blockchain Energy Market
The biggest benefit provided to individuals living in the new development is the ability to sell excess solar electricity generated through the solar panel installation. Through Power Ledger, residents are able to sell excess energy in the form of tokenized energy assets, which also allows them to buy back electricity at predetermined prices from the on site battery at an agreed price.
Power Ledger co-founder and Executive Chairman Dr Jemma Green highlighted the unique nature of the new development in statements released to Smart Energy:
“This is the first time we’ve seen such a progressive model being implemented in an apartment building. The development shows what’s possible in residential energy trading when developers commit to renewable energy as part of their early planning.”
Power Ledger is notable for capturing over $34 million in funding during an October 2017 initial coin offering, making it one of the most successful Australian ICOs and blockchain ventures to date.