2020 has so far been a great year for energy trading firm Power Ledger.
In July a yearlong trial of its blockchain peer-to-peer energy trading technology in Western Australia was found to be technically feasible for real-world use, marking a huge milestone for the four-year-old company.
A few months earlier, the company said it was launching its trading platform in partnership with a number of developers in Perth. The technology will be introduced to 100 apartments over three years and allow home occupants to sell their surplus energy to other residents, incentivising the use of green energy.
These recent developments round off what has been an up and down few years for the company cofounded by Jemma Green.
Power Ledger burst on to the energy scene in a big way when it raised $34 million in an initial coin offering, which at the time was Australia’s largest ICO. Despite this, the company’s trading system failed to take off, prompting some to question whether the technology was overhyped.
The latest recognition will be a shot in the arm for Green, who argues that blockchain technology is a much-needed challenge to big electricity monopolies in Australia and beyond.
"Energy systems are changing rapidly in APAC, with a focus on growing renewable energy in a scalable way, matching generation and consumption in localised energy markets," Green told Business Insider. "Distributed batteries providing dispatchable energy using supporting technologies like Power Ledger's are facilitating the transition to an energy future that is resilient, low-cost and clean."