Energo Labs is a Shanghai-based international start-up that aims to promote a Decentralized Autonomous Energy (DAE) community by integrating blockchain technology into the energy sector.
In a micro-grid setting, this means that energy producers, such as houses with solar PV panels, can buy and sell energy to their neighbors, or other energy consumers in the microgrid, either through real-time peer-to-peer (P2P) energy trading or by storing excess energy generated in a microgrid battery. This also allows for the application of shared EV charging, where energy producers can offer the excess energy they produce to electric vehicles through personal charging stations, filling in the gap of commercial charging networks that often require large infrastructure, space, and high cost. This also encourages the use of EV cars in a country, as electricity will be more abundant and cheaper than petrol and diesel.
While smart meters quantify the amount of energy that is produced and consumed, energy transactions are made possible using blockchain technology that has a distributed ledger. All transactions are recorded on this public ledger and thus cannot be modified or changed, eliminating the need of a third party to ensure security and approve of transactions. Energo implements blockchain to connect energy producers of varying capacities with consumers of diverse needs, and encourage clean energy to be consumed in an efficient and reliable way. We will be critical in the future of smart grids and microgrids to bridge physical, information, and value layers.
Energo Clean Energy P2P Platform which is the Dapp tops on Qtum blockchain allows registered prosumers and consumers to store, trade clean energy freely in DAE community as long as they hold TSL; all the stored clean energy is tokenized to Watt.
TSL represents its owners’ access to power in distributed energy storage equipment. In the future, both the seller and the consumer will need to hold TSL to be able to store electricity in storage devices.
Watt is a blockchain-based digital asset whose value is backed by energy; each Watt token represents 1kWh of energy stored in a distributed storage device. On Energo’s Clean Energo P2P Platform, users trade Watt via Exchange, manage their Watt via Wallet, check Watt inflow/outflow via Ledger
Exchange is one of the major functions on Energo’s Clean Energy P2P Platform, when users have excess energy (Watt) stored in storage, they can sell it by putting a sales order on Exchange or by putting a purchase order instead if they want to buy energy, orders are matched by smart contract automatically