WePower, MoJo Partner to Debut Blockchain-based Renewable Energy Trading for Australians

By Ibiam Wayas February 04, 2021 In Australia, Blockchain

The Energy industry is one sector where blockchain technology plays a significant role, especially in energy trading. 

WePower has reportedly partnered with an Australian solar-focused electricity company, Mojo Power, to enable retail electricity users in Australia to purchase renewable energy. WePower is a blockchain-based green energy financing and trading platform. Under the agreement, WePower will deliver its retail power purchase agreements (Retail PPAs) to Mojo’s upcoming energy trading marketplace, according to the announcement on Wednesday.

Mojo Power plans a Blockchain-based energy trading platform

Mojo is looking to establish a marketplace where corporate customers and other businesses in Australia can source and purchase renewable energy, as a standard retail energy contract, according to the report. The planned marketplace will run on the Ethereum blockchain, essentially allowing energy production companies, including Robinvale Solar Farm in Victoria (VIC), to find buyers for their energy produced easily. 

“The initial wholesale PPA between Robinvale’s owners and Mojo is tokenized by WePower and stored on the Ethereum blockchain so that it can be structured into smaller retail PPAs and made available to these customers,” Kaspar Kaarlep, the chief technology officer at WePower, explained. He added that the tokenization of the transaction on blockchain forms a “direct contractual link between the generating project and the end customer’s energy purchase.” 

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The development today will basically make it easier for Australian consumers to access energy while also allowing renewable energy producers to locate buyers. As reported, Mojo Power has also sealed a contract with the Riverina Solar Farm in New South Wales and other solar-focused energy-producing companies around Australia. These energy producers will be included in the upcoming Mojo marketplace “with multiple other agreements currently in the pipeline.”

Blockchain in Australia’s Energy Sector

Notably, Australia has many energy-focused companies building on a blockchain, and today’s news isn’t the first instance involving the technology. About five months ago, Crypto News Australia reported that TYMLEZ would partner with Tyalgum Energy, a private company in New South Wales, to decentralize green energy trading on a blockchain.

Ibiam Wayas
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Ibiam Wayas

Ibiam is an optimistic crypto journalist. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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