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e2m partners with blockchain platform Swytch to conduct proof of concept test

Published 08 March 2018

Energy2market (e2m) has announced a strategic partnership with Swytch, a blockchain-based renewable energy data and incentive platform, to conduct a proof of concept test.

Beginning in January 2018, e2m has been testing the efficacy of the Swytch blockchain platform across its portfolio of assets in Germany, equivalent to approximately 3.5Gw of solar, wind, hydro, and biogas energy capacity.

The deal affirms the ability of Swytch’s technology to function at industry-leading scale as it pioneers an entirely new blockchain protocol built to verify and track renewable energy production.

e2m CEO Andreas Keil said: “We firmly believe that blockchain technology can be used to unlock long-term value for Europe’s renewable energy assets.

“Today, renewable energies represent 31,5% of the total energy market in Germany but we have a goal of reaching 70% within 2050. Government-based incentive programs can only do so much, and a more dynamic option is needed.

“Additionally, some countries, like Germany, will begin phasing out their incentive programs in the next few years. We need to prepare for the future and identify new subsidy instruments and trading mechanism.”

Swytch uses blockchain to bring together data, networks, and incentives to encourage the adoption of renewable energy at scale.

The Swytch platform consists of an ERC20 token to facilitate exchange of production data rights, a Proof-of-Production (POC) protocol to verify data directly from the source, and an open-source “oracle” to aggregate data and allocate incentives based on actual environmental and economic impact.

e2m uses Swytch because it sees its approach to tokenized incentives in the energy market as particularly attractive to the larger energy producers plus the energy traders it serves.

e2m hopes to gain insight into potential alternatives to existing programs and build expertise in blockchain, an important emerging technology, in the POC phase.

Additionally, the company believes that Swytch as a global incentive program and data source has the potential to revolutionize the renewable energy market and reduce the burden placed on governments to subsidize new and existing assets.

In this way, a partnership with Swytch will create a competitive advantage and generate value for its customers and the marketplace as a whole.

Swytch co-founder and managing director Evan Caron said: “Generating more than 3.5 Gw, e2m is one of the biggest direct marketers of energy in Europe.

“Swytch’s blockchain system is the only technology tested in gigawatts rather than megawatts allowing us to seamlessly integrate with e2m’s infrastructure. This gives Swytch the unique ability to verify production directly from the source.

“When compared to existing programs this will drastically reduce administrative costs and open up incentive mechanisms to residential properties which are the key to accelerated adoption of renewables.

“This positions Swytch as a central player in the global grassroots movement to reduce carbon emissions.”

Source: Company Press Release