Let there be light: Photovoltaic purchasing made easy and secure with blockchain

Aitor Castillo, Bettergy

With help from TETRAMAX funding, a team of experts are creating and launching a customized, low-energy smart meter solution which uses blockchain technology to support photovoltaic power purchase agreement contracts.

These agreements, which have become one of the most promising and powerful financial tools to finance renewable energy projects, include two major contract clauses: the producer has to generate an agreed amount of electricity, which the customer has to buy at an agreed price. For this to take place, investors and customers alike demand secure, transparent and auditable transactions. The blockchain solution for smart energy meters being developed will enable independent, trustworthy consumption measurement and verification.

The project involves three partners with three distinct roles: [insert box] • Tecnalia (Spain), a leading European technology centre, provides expertise on distributed ledger technology. Tecnalia will customize the blockchain to achieve technical and legal compliance. • ReMoni (Denmark) high-tech internet of things (IoT) platform is the original equipment manufacturer. Remoni will receive, test and deploy the technology to mae it readily available for product integration. • Bettergy (Spain), an active player in the funding and promotion of photovoltaic plants through power purchase agreements, provides the customers and pipeline. Bettergy will integrate the technology into its energy-efficiency software, adding it to the product features. [end box]

As a long-term contract binding producer and consumer, the power purchase agreement sales process is about generating strong joint commitment among the signatories. Blockchain distributed technology provides both peace of mind about the amount of energy generated and the resulting invoice; at the same time, automating the process reduces operational costs. Bettergy can directly relate these advantages to its sales pitch.

[insert photos: DSC_0007, FlowMoniSpot hand] [insert photos: photovoltaic plants]

In addition, the partnership in a European consortium opens the door to new markets, with Denmark being a preferential candidate for commercialization thanks to Remoni. The partnership between Bettergy and Remoni can be traced back to another European-funded initiative, the INCENSE accelerator, when both companies were taking their first steps towards product development.

TETRAMAX is providing the consortium with the necessary funding to integrate a new disruptive technology into the current software product platform. Technology transfer offers the shortest and most reliable path to market, making technology available faster and sharing upfront investments while minimizing technology readiness risks. Thanks to TETRAMAX, we have not only got access to technology but to partners with the resources and capacity to provide support and evolve the technology.

For the full list of technology transfer experiments and details of forthcoming calls, visit the TETRAMAX website: Tetramax.eu

Published in HiPEAC Info 58