GridPlus, a ConsenSys incubatee, has been developing a hardware and software stack that will enable consumers to tap into automated, smart grid energy services that cuts out middlemen, reduces costs and enables secure cryptocurrency payments. Yesterday they announced a partnership with us that has been in the works for the past year.
As part of the agreement, Rynergy plans to bring GridPlus technology, known as 'Lattice1', to Singapore to offer next-generation energy services based on Ethereum. The services that will be offered are expected to both lower electricity costs and optimize grid performance.
The blockchain-based energy services will enable customers access to wholesale market prices. By leveraging blockchain technology that largely automates the procurement, billing and administration we are able to strip out much of the cost of traditional electricity retailers, therefore bringing down the average cost of the kWh. Machine learning capabilities integrated into the Lattice1 will analyse consumption patterns and market price fluctuations to make smart grid purchase decisions each 30 minutes.
The services also bring security and sovereignty back to the consumers in terms of control over their funds and configuration of their services.
In the near future, next-generation services will be enabled by integrating the Lattice1 to home IoT and energy storage devices, to enable automated load deferral and dispatch of distributed energy resources (DERs) based on market prices. This will further bring down consumers total electricity spend and bring revenue opportunities for those who own DERs.
At the big picture level, wider adoption of these services and others like it, will aggregate arbitrage of wholesale markets which should increase the efficiency of the entire grid.
This is an exciting opportunity to leverage cutting-edge technology and disrupt the energy sector for the benefit of all. While it is still early stages, I am confident that GridPlus' rollout of similar services in Texas, USA will provide the initial investor confidence and that our rollout in Singapore will lead to subsequent expansion in suitable markets in Asia.
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