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

By BizClik Admin

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

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia

Sustainability

Huawei smartwatch goes for gold with Ultimate Edition

Lifestyle

How IKEA India plans to double business, triple headcount

Corporate Finance