Green energy provider Power Ledger (POWR) have completed a trial to implement a blockchain-based solution for measuring and monetising renewable electricity for electric vehicles.
Power Ledger’s latest project with Silicon Valley Power is creating the potential for tokenized carbon credit trading and the monetization of electric vehicle charging through blockchain. @SantaClaraPower https://t.co/zyOGawtiUQ
— Power Ledger (@PowerLedger_io) May 17, 2019
The process was carried out with the collaboration of California’s City of Santa Clara’s Municipal Electric Utility, Silicon Valley Power, and involved Power Ledger’s platform being linked to a 370kW solar system and 49 vehicle charging stations.
Carbon Credits as Standard
The regulatory California Air Resources Board employs a Low Carbon Fuel Standard (LCFS) that demands businesses, that import or produce fuels over a set carbon limit, purchase carbon credits to offset emissions. Presently, much of that data is collected in spreadsheet format and compiled quarterly.
Power Ledger’s platform streamlines this process and tracks LCFS credit generation from solar panels, electrical vehicle charging infrastructure, and credit trading on the blockchain.
Dr Jemma Green, Chairman of Power Ledger, believes the project has “…established a template for a blockchain enabled solution for the measurement, reporting and verification of carbon credits, replacing a manual collection process that could often take months to validate.”
In addition, Dr Green states that the trial “…demonstrated a potential use case for creating a secondary market with digital exchange for tokenising and trading LCFS credits.”
Following the latest successful test, Power Ledger are reported to be in discussions with Silicon Valley Power to implement commercial deployment of the platform.