Official Press Release
The project will be a real-world test using anonymized data to simulate and demonstrate what the future of energy trading utilizing blockchain technology might look in Europe
Gibraltar, January 2018 — Elering AS, an independent electricity and gas system operator in Estonia, and WePower a blockchain based green energy trading platform that aims to drive global green energy adoption and promote sustainable living, today announced a pilot project to test the large scale tokenization of Energy data on the blockchain in Estonia. This project is the first of its kind in Europe and will pave the way for a future practical test that will connect European green energy producers to the Estonian Smart Grid.
To achieve this, WePower will integrate its blockchain and smart contract powered green energy trading platform into Elering’s Estfeed data exchange platform. This will form a proof-of-concept system for Estonia, demonstrating nation-state scale tokenization of energy consumption and production data on the blockchain. This system will be first of its kind, enabling concrete steps towards a global blockchain powered energy trading. This will make energy trading accessible to prosumers of all sizes and configurations. WePower will be leveraging Estonia’s existing advanced smart grid infrastructure, particularly the 100% smart meter coverage with hourly reading and a central data hub. These are the ideal technical conditions to test the true scalability for tokenized asset trading technology and provide a stronger bridge between green energy producers and traditional grid operators.
“Elering’s motivation in this project as a transmission system operator is to enable energy innovation by removing market barriers. For that purpose we have built the Estfeed data exchange platform, which enables people to share their energy meter data with new service providers. WePower is a great example of the potential of innovation in the energy sector that can be unleashed by transparent data access,” said Taavi Veskimägi, CEO of Elering.
“We are thrilled to announce our partnership with Elering AS,” said Nick Martyniuk, Co-Founder and CEO of WePower, “as it is the first step in our goals of making the smart grid greener. Estonia is the perfect country to start with, as it already has an existing advanced smart grid infrastructure that we can integrate out technology into. This partnership is an excellent use-case to show the viability of blockchain technology in the green energy space, and marks a huge achievement towards creating a global blockchain powered energy trading network.”
WePower is a blockchain-based green energy trading platform. It helps renewable energy producers to raise capital by issuing their own energy tokens. WePower connects energy buyers (end users and investors) directly with the green energy producers and creates an opportunity to purchase energy upfront at below market rates. WePower has developed Ethereum Smart Energy contract tokens to standardize, simplify and globally open currently existing energy investment ecosystem. Energy tokenization ensures liquidity and extends access to capital. WePower wants to help build an infrastructure to bridge renewable energy producers output and traditional energy grid operators thus making the grid a little greener. WePower blockchain solution is already recognized by Elering, one of the most innovative Transmission System Operators in Europe. For more information please visit WePower.
About Elering AS:
Elering is an independent electricity and gas system operator in Estonia whose main duty is to guarantee high-quality energy supply to Estonian consumers at all times. To ensure energy security of supply, Elering maintains and develops both electricity and gas internal transmission networks and external connections. In addition to the physical networks Elering is developing a smart grid platform in order to enable efficient market functioning. The technical basis for the platform is the Estfeed data exchange layer that allows end consumers, energy service providers, scattered (small) producers and network operators to easily and securely access the data that is needed in their daily operations. For more information, please visit Elering.