ELECTRIFY partners China’s Narada to roll out smart electricity solutions across APAC
By Digital News Asia June 5, 2018
- Narada will implement ELECTRIFY’s blockchain solutions in energy trading and IoT energy tracking
- ELECTRIFY’s PowerPod hardware runs a real world application of blockchain technology
NARADA Asia Pacific Pte Ltd, a subsidiary of China-based Narada Power Source Co, Ltd and the second largest energy storage solutions provider in the world in terms of storage capacity, has signed a partnership agreement with ELECTRIFY, Southeast Asia’s first retail electricity marketplace and energy blockchain startup.
As part of the agreement, Narada will leverage ELECTRIFY’s technology to enable traceability, real-time trading, and optimisation of distributed energy storage assets across its operations in APAC, with a view to deploy solutions in Singapore, Australia, Japan, and Cambodia in 2018.
Under the terms of the partnership, ELECTRIFY will deploy its PowerPod technology in Narada’s energy storage platforms. The IoT (Internet-of-Things) enabled PowerPod captures and presents data on a dashboard in real time, providing Narada with the ability to accurately track the movement and price of energy against the spot price of electricity in the market.
ELECTRIFY co-founder and COO Martin Lim (pic, right), said: “We believe the future of energy sustainability starts with smarter and more efficient energy ecosystems. This belief has guided the development of our technology and solutions. We are pleased to be able to work closely with Narada and they share our vision of building smarter, cleaner energy systems that will serve the grid more effectively.”
The partnership is a timely move as Singapore enters full liberalisation of its energy market in the second half of 2018, and is in line with Singapore’s pursuit of energy efficiency.
Narada and ELECTRIFY are also jointly exploring potential business and investment opportunities in solar Power Purchase Agreement (PPA) initiatives and will run a pilot project involving the installation of solar panels on residential and commercial rooftops.
Jonathan Tai, a spokesman at Narada said: “Narada remains deeply committed to building a clean and sustainable environment, seeking to achieve a balance between the economy and ecology through innovative use of energy storage technology. Together with ELECTRIFY, we are confident in achieving this vision, introducing greater energy intelligence to the Asia Pacific market.”