Shanghai-based startup Energo Labs is aiming to attain a higher level for its plan to decentralize energy production and consumption in the Philippines, its founder has said.
Energo Labs COO and founder Nichole Yang told The Manila Times in a one-on-one interview that her company seeks to scale up and see how blockchain technology can be integrated into areas not connected to the state grid, and how peer-to-peer transaction can be applied.
She said Energo Labs is eyeing the involvement of some organizations for the next stage of this undertaking.
The Chinese firm has proposed this project to the Asian Development Bank (ADB) and is figuring out “how we can partner for this project soon.”
“They’re quite interested in [this]kind of project in rural areas… So we are negotiating with some detailed information about the project,” Yang said.
She noted that the ADB wants to look into the possibility of implementing blockchain in areas not linked to the main grid and how people can have better access to electricity.
The Philippines is Energo Labs’ first target in undertaking its proposal of decentralized solution in the energy sector. It plans to showcase its solution to other Asian countries.
After meeting with a major energy company, the startup established their connection and studied the country’s energy market.
Yang considered the first phase of the project, launched in August, a success. She called it a milestone for her company, as no single entity had attempted to include blockchain in the energy sector.
Energo Labs first presented this solution in October, encouraging “communities to first use the renewable energy generated in the microgrid, thus decarbonizing the energy sector, and also provides solar photovoltaic [PV] cell owners a new source of income.”
A microgrid is a small-scale power grid that can operate independently or in conjunction with the main electrical grid of a certain area.
Energo Labs mentioned previously that its smart meters gauge the energy produced and consumed by every household in the microgrid, as well as the amount bought.
It will use blockchain, a digitized public ledger of transactions to carry out the buying and selling of energy through its mobile application, while ensuring all data is secure and transparent.