The Australian government has announced that it will provide $8 million AUD for a new blockchain-powered utilities project in partnership with Power Ledger.
In news that will delight early Power Ledger investors, the Australian government has today announced that it will set aside some $8 million AUD in grants for the development of a new Blockchain-powered smart utilities project.
The project, which will begin on a trial basis, will be set up in the City of Fremantle, where project partners (among them, Power Ledger) have contributed a sum total of $5.68 million AUD.
In an official blog post, Power Ledger confirmed that the pilot will explore how cities can use blockchain technology to power distributed energy systems. Other partners in the initiative include Curtin University, CSIRO, Cisco, LandCorp, and Murdoch University.
In a press release, Curtin University’s Professor Greg Morrison offered that the pilot will “develop a smart metering, battery storage and blockchain trading system to allow energy and water efficiencies between critical dispersed infrastructures that would otherwise have required physical co-location.”
The project will involve the connection of low-cost systems using Blockchain technology; the setup will be comprised of a solar photovoltaic plant, rooftop solar panels, a precinct-size battery, an electric vehicle charge station, and a precinct water treatment and capture system.
Power Ledger will provide the transaction platform for renewable assets as well as an ownership model for the precinct-sized battery.
The pilot project is expected to begin within the next two months, and is expected to play out over the course of the next two years.
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