Power Update #7—November 2018
The bears continue their rampage this month. Bitcoin is tumbling, global stocks have taken a hit, and there are little signs of the trade war easing. Yet we at Electrify are undeterred. Why is that? Why are we working as hard as ever—if not harder—to develop Synergy and Marketplace, unfazed by tremors in the financial markets?
Because we know what we’re building is valuable to the energy industry and the world. Because we believe in the game-changing potential of P2P energy trading. Because our commitment to a renewable future is recession-proof.
Here’s what went down in November:
PRODUCT & TECHNICAL
- Onboard Prosumers and Consumers onto the Synergy platform
- Demonstrate P2P energy trading capabilities between Prosumers and Consumers
- Allow Prosumers and Consumers to access customizable dashboards to view their energy production and consumption plans
- Successfully launched Synergy Alpha and onboarded users
- Conducted usability testing and user interviews with consumers. With their extensive and valuable feedback, we have validated certain product hypotheses as well as identified critical and strategic areas for enhancement
- Enable consumers to create their Electrify accounts, search for retailer plans, and enter into a contract with a selected retailer
- Enable retailers to create and manage power plans
- Developed a microsite for Marketplace that will enable a large electronics retailer (whom we have partnered with) to effectively sell our energy plans to their customers. To be rolled out in the coming weeks.
- Execute an Airdrop to qualified wallet addresses
- Completed the Airdrop on 16th November. All ELEC Tokens have been sent successfully sent to the relevant wallet addresses
Blockchain Research & Development
- Research, develop, and test blockchain solutions to ensure that they meet our product and technical requirements.
- Conducting research and development on the scalability of Plasma Alpha
- Created a smart contract that stores per-minute energy data on the blockchain for Synergy Alpha. The contract has been deployed on the Ethereum Ropsten Testnet. We have also begun development of a front-end dashboard for the visualization of this data
TEPCO X ELECTRIFY
Electrify has secured a strategic investment from Japan’s largest electric utility. Tokyo Electric Power Company, or TEPCO, has seen the value that Electrify is bringing to the energy industry and is keen to explore commercialization in Japan. This funding will help accelerate the development of Synergy, our flagship peer-to-peer energy trading platform. Electrify could not be more grateful for the validation and strong vote of confidence from the fourth largest utility in the world.
SINGAPORE INTERNATIONAL ENERGY WEEK
Singapore International Energy Week, or SIEW, is a yearly conference organized by Singapore’s Energy Market Authority (EMA) to bring together energy professionals and policymakers from around the world. The aim of the conference is to facilitate the exchange of solutions and best practices within the energy industry. This year’s theme was ‘Transforming Energy: Invest, Innovate, Integrate’. Both COO Martin Lim and Head of Product and Strategy, Cheng Zhiwei, were present to talk about regulatory frameworks and ways to make electricity markets more accessible to consumers.
THE FUTURE OF ENERGY: THE NEW NORMAL
Together with SGInnovate and in line with Singapore International Energy Week, Electrify hosted a presentation and panel event to engage key energy stakeholders and discuss the state of energy storage, peer-to-peer energy trading, and solar PV technology. Representing Electrify at the event were CEO Julius Tan, Martin, and Zhiwei.
Blockchain2Energy comes to Asia for the first time! The annual European conference, organized by SolarPlaza, was held in Singapore at the Suntec Convention Centre. As part of Asia Blockchain Week, the conference focused on energy-blockchain innovations in Asia. Electrify, recognized as a key player in this region, was invited to give a lay of the land—to help energy professionals better understand regulatory challenges as well as the opportunities of peer-to-peer energy trading.
ELECTRIFY IN THE PRESS
Thank you for taking the time to read through this month’s updates. We’ll check in again in December as we wrap up Q4 and reflect on the year’s progress. Onward and upward!