Blockchain startup LO3 Energy and Japanese ceramics and electronics manufacturer Kyocera have joined forces to test a blockchain-managed virtual power plant (VPP) that utilizes a peer-to-peer (P2P) distributed consensus network.
Based in New York, LO3 Energy is developing blockchain-based innovations to revolutionize how energy can be generated, stored, bought, sold and used, all at the local level. The company’s services help clients in utility and energy sectors to create, deploy, and monetize energy products and customer services.
Founded in 1959 and headquartered in Kyoto, Japan, Kyocera develops, produces, and distributes ceramic and electronic components, and telecommunications and information equipment worldwide. The firm has been providing solar power generating systems and storage batteries for Japan’s government-led VPP test projects, developing new expertise in remotely controlled distributed power resources.
Under the partnership, Kyocera will combine its expertise with LO3 Energy’s blockchain technologies to evaluate VPPs that promote a low-carbon society without fuels or CO2 emissions. The joint project will start later this month at Kyocera’s Yokohama Nakayama Office in Kanagawa Prefecture, Japan, where a small VPP will be installed using Kyocera’s solar photovoltaic (PV) modules and batteries. LO3 Energy will utilize its blockchain technology, which is used for verifying and recording transactions, to log and manage energy flow. The ultimate goal of the project is to expand the efficiency of existing energy transmission and distribution networks in Japan and worldwide.
“Kyocera is committed to developing low-carbon solutions that maximize renewable energy resources,” said Hironao Kudo, Deputy General Manager of Kyocera Corporation’s Corporate R&D Group. “We are excited to be the company in the area of grid management in Japan to collaborate with LO3 Energy, which has consistently proven its blockchain technologies all around the world.”
The two parties will further develop their VPP technology using data from Internet of Things (IoT) sensors to increase the accuracy of distributed power sources used by the project’s simulated transmission and distribution system operators. In addition, the companies will examine power-control results using LO3 Energy’s expertise in blockchain technologies.
“The need to reduce carbon emissions is exerting a profound impact on energy providers worldwide,” said Lawrence Orsini, CEO of LO3 Energy. “Using distributed ledger technologies, our networks enable the micro energy transactions needed to meet this challenge. We believe the synergies between Kyocera and LO3 Energy will produce a new generation of virtual power plants that can accelerate Japan’s transition to a low-carbon society.”
Source: Read Full Article