Singapore’s ELECTRIFY has signed an MOU with TEPCO and hopes to make Japan a major market for its P2P electricity marketplace
ELECTRIFY, a Singaporean startup that is using the blockchain to allow people to trade electricity on a peer-to-peer marketplace, announced today the signing of an MOU with TEPCO (Tokyo Electric Power Company), Japans largest utility company.
The deal will involve co-developing a proof-of-concept for Synergy — the name for marketplace — which is based in Singapore. If the partnership goes smoothly, ELECTRIFY will work to integrate the system in Japan’s electricity infrastructure.
Synergy is an ambitious project because if it works, the result would be leveraging the blockchain to radically change how electricity is consumed (and sold) within entire cities.
While not launched yet, Synergy hopes to allow anyone to source electricity directly from suppliers or to buy energy from a private producer (thus, creating an avenue for people to sell their electricity).
For example, if someone use uses solar power to power their startup office, they might generate more electricity than they use. ELECTRIFY wants to be the go-to source for sellers to find buyers via the marketplace. If adopted at a mass scale, it has the potential to significantly reduce waste and financially incentivise people to switch to renewable sources of energy.
https://electrify.asia/ 
