The U.S. Department of Energy’s (DOE), Office of Science, awarded a $1.05 million grant to startup IoT company
BEM Controls for a blockchain project to create the “Energy Internet”. The transactive energy platform aims to enable building owners to buy energy from distributed sources such as solar generators or wind farms. Energy utilities and grids will also participate in the platform.
This follows a previous grant to BEM Controls used to develop the initial platform. The second grant is to enhance and commercialize the platform. Not only does the platform enable peer-to-peer transaction for electricity generation, but it also targets demand response. In other words, the consumer will adapt their usage based on the variable price of energy. During peak periods, one expects the cost to be higher.
The project involves a
collaboration with utility ComEd, which is part of Exelon Corporation with 10 million electricity and gas customers. The University of Denver and Virginia Tech are also participants. A Virginia Tech team founded BEM.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
