Australia bets $ 8 million for renewable energy and Blockchain

The Australian government has launched an AUD $ 8 million project, coordinated by public and private entities, (some $ 6 million USD) in partnership with Power Ledger, which is one of the project partners, which will contribute most of the amount, about $ 5.6 million, to create a solution based on Blockchain with the purpose of managing the energy network. The initial tests will be carried out in the city of Fremantle.

The mayor of Fremantle, Brad Pettitt, commented this:

We are pleased to host this project in the city of Fremantle. This collaboration between existing infrastructure, renewable energy and innovative technology fits our One Carbon zero carbon goal and will help us ensure the continued sustainability of essential services for the communities that live here.

According to the blog of the responsible company, this project is created as an attempt to solve using Blockchain to promote the distributed water and light systems. This project focuses on the creation of modern autonomous and intelligent cities. The project will include a large installation of solar panels and a rainwater treatment plant connected to commercial buildings, electric vehicle charging stations and residences that will use the Blockchain technology and will remain connected to each other. The project will provide the community with financial and service sustainability, while at the same time engaging with the private sector.

The project receives AU $ 2.57 million from the government as part of the initial implementation of its Smart Cities and Suburbs program, with the support of the Australian Energy Market Operator (AEMO), Western Power and CRC to Live with Low Carbon. For one of the primary purposes of this project is to reduce emissions, as mentioned before, pursue the smart city model and as a consequence maintain a connectivity relationship between the entire city.

Last month, Power Ledger raised more than $ 34 million for the P2P energy market of the solar startup that it acquired earlier. This effort made it the first Australian startup to have an initial offer of coins (ICO). These funds will be destined to improve the development of its energy market, in which the owners will be able to buy and sell the surplus of solar energy. Power Ledger predicts that the average family will save about $ 475 a year.

The pilot project is expected to begin in two months, and the project will end in about two years, according to the publication, we will soon see it in operation.