Singapore startup Electrify allows blockchain-based electricity trading, raises $30mn

Electrify is a Singapore-based startup allowing consumers to buy their electricity via blockchain technology from other consumers as well as energy retailers.

It has now raised $30mn in a token sale, the third largest fundraising of its kind in Singapore.

Other successful token sales have been TenX raising $80bn and KyberNetwork raising $60bn.

Investors in the Electrify token sale have included Global Brain and Wendell Davis, who founded Ethereum.

The startup, which has been in business for just over a year, says it will use the funds raised to expand across Southeast Asia as well as into Japan and Australia.

See also:

Singapore’s smart revolution

Indonesia’s renewable energy production exceeds 2017 target

Business Chief, Asia edition – March issue out now!

Julius Tan, CEO and co-founder of Electrify has said: “countries across Southeast Asia are starting to liberalise their electricity markets” – and indeed, Singapore is undergoing deregulation in the energy sector, making it easier for consumers and businesses to buy electricity in a more flexible way.

According to COO and co-founder Martin Lim, Electrify’s platform is “built on the tenets of the blockchain” and the energy buying solution promises to “drive down operating costs, ensure the transparency of contracts, and also speed up and streamline contract validation and auditing”.

So far, Electrify claims to have handled about $3.79mn worth of electricity transactions and helped businesses in Singapore save up to $554,000 on their electricity bills.

A similar peer-to-peer electricity exchange, which also allows for flexible buying of energy via blockchain technology, is currently being utilised in the Netherlands. This month, Energy Digital spoke to Bax & Co, the company behind this platform, to find out more.

Share

Featured Articles

Twitter timeline – how Musk pulled off a hostile takeover

Elon Musk strikes deal to buy Twitter for US$44bn following four months of cryptic tweets, secret meetings and buying of shares – here’s the timeline

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

From Tokyo to Bangkok, with cuisines spanning Cantonese, Thai and German, we highlight Asia’s top 10 places to eat, as per Asia’s 50 Best Restaurants

Microsoft: what Asia leaders need to know about hybrid work

Microsoft’s 2022 Work Trend Index guides Asia leaders to navigating a hybrid future – from making the office worth the commute to rebuilding social capital

Meet the company: EV Nio to list in Hong Kong, enter Europe

Leadership & Strategy

12 Tech trends to watch closely in 2022, from CB Insights

Technology

Why Deloitte Australia’s HR technology is winning awards

Human Capital