ELECTRIFY X TEPCO
ELECTRIFY Announces Strategic Investment From Tokyo Electric Power Company (TEPCO) to Accelerate P2P Energy Trading in Asia
- Funding helps accelerate ELECTRIFY’s development of Synergy—the world’s first peer-to-peer energy trading platform that operates on a national grid
- TEPCO’s interest in the application of a new technology, home-grown in Singapore, which will have huge ramifications across global deregulated energy markets
- TEPCO i-FRONTIERS and ICMG played a pivotal role as the Corporate Open Innovation Partner in accelerating this collaboration between TEPCO and ELECTRIFY
SINGAPORE, 7 November 2018 – ELECTRIFY, a Singapore-headquartered technology startup transforming the energy ecosystem in Asia, has received strategic investment from the TEPCO FRONTIER PARTNERS, LLC., one of the subsidiaries of Tokyo Electric Power Company Holdings, Inc. (TEPCO). TEPCO is Japan’s largest utility company, and among the largest in the world.
TEPCO’s investment comes at a timely moment for ELECTRIFY, with the deployment of their alpha test of Synergy in October—a new, peer-to-peer energy trading platform that will allow prosumers (producers of electricity who are also consumers) to generate, store and trade surplus power with another user across the same power grid. It also positions ELECTRIFY and Synergy favourably amid Singapore’s Open Electricity Market (OEM), which will roll-out in phases nationwide from this month.
Following the completion of the alpha test in Singapore, Synergy is slated for public launch in Q2 2019. Synergy will be integrated into ELECTRIFY’s existing price comparison platform, which has helped over 500 commercial and industrial customers save a combined US$12m since its establishment in March 2017.
The collaboration opportunity between TEPCO and ELECTRIFY was made possible with TEPCO i-FRONTIERS and ICMG as the Corporate Open Innovation Partner. TEPCO i-FRONTIERS is an agent of TEPCO Energy Partner, the retailer of TEPCO, for development of new products. ICMG, through bridging the gap between large Japanese MNCs and small local startups, accelerates the business model creation, the relationship and collaboration processes between parties involved.
Complementary shifts in the regional energy landscape have given rise to considerable demand for ELECTRIFY’s technology. According to the Asian Development Bank (ADB), energy demand in Asia Pacific is expected to almost double in the coming years, necessitating more efficient and sustainable ways of fulfilling the region’s energy requirements. This expression of corporate interest by TEPCO is one of a number of growth paths for ELECTRIFY, which has set its sights on other power grids across Southeast and Asia in 2019.
“With the Asia Pacific region undergoing a trend of market liberalisation and growing energy demand, ELECTRIFY is redefining the way energy is produced, sold, and consumed through Synergy, catalysing the creation of a liberalised economy for a sustainable energy future,” said Julius Tan, Chief Executive Officer and Co-Founder of Electrify.
“This funding from a leading industry giant such as TEPCO is a proof case of our abilities, and spurs us on to fulfil our vision of building an intelligent energy ecosystem not just in Singapore, but across Asia,” he added.
“TEPCO maintains a fast pace while searching for possible collaborations with business partners, and rapidly conducts POC and customer value verification for the customers. Working with the team to adapt their technology for markets beyond Singapore, ELECTRIFY has proven itself to be a true contender in shaping the future of the Asian energy landscape, leading the market with its innovative use of blockchain technology, speed to market and global innovation,” said Tadashi Tamura, President of TEPCO FRONTIER PARTNERS. “Amid a changing, more deregulated landscape, we look forward to bringing joint innovation to market and making a positive difference to communities.”
With major economies across Asia Pacific such as Japan embarking on the liberalisation of their energy markets, ELECTRIFY has inked agreements with global giants in the energy industry such as Narada Asia Pacific, which holds the world’s second largest energy storage capacity, and TEPCO, to adapt its technology for regional markets. ELECTRIFY will also explore commercialisation in Japan, in collaboration with TEPCO, potentially serving about a third of Japan’s electricity consumption.