WePower, a blockchain startup backed by Japan’s Marubeni, has unveiled a new solution to enable corporates to easily buy renewable energy in a typical e-commerce experience. Mojo Power, an Australian electricity retailer, is the first to use the white-labeled marketplace known as Elemental.
WePower tokenizes power contracts, enabling the energy to be fractionalized. But if a corporate has bought more energy than it needs, it can also resell it. In many countries, a consumer or business can easily switch between electricity utilities. The aim is to make it just as easy to secure electricity from a renewable source.
Typically renewable energy is bought by a corporate or utility from a renewable producer through a formal Power Purchase Agreement (PPA). This usually involves a set amount of electricity for a fixed period of several years. What happens if the company moves? So PPA’s are not flexible and it’s a non-trivial amount of work.
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