Yesterday, Texas-based Artemis Energy Services announced a partnership with privately held software company OSIsoft to develop a blockchain solution to track, trace, and trade energy.
Under the collaboration, the two will create a blockchain energy marketplace that will serve individuals as well as operators involved in the market. It will enable privately-owned solar and other renewable installations to be connected to the grid and engage in the marketplace. The goal is to optimize the electric grid and provide real-time data for transparency in settlement and compliance.
OSIsoft, which has around 1,300 employees, has a suite of solutions, the PI System, that gathers data from sensors, IoT devices and equipment. It aggregates and normalizes the raw data from numerous sources so that users can access it via reports and analytics. For many clients, OSIsoft provides Industrial IoT software. In this instance, the data comes from distributed energy resources (DERs).
Meanwhile, Artemis Energy Services is a unit of the Artemis Technology Group, a startup that has developed a blockchain solution called the Artemis Transaction Engine.
“The Artemis Transaction Engine will be integrating with the OSIsoft PI System to bring the future of the digital energy market to life,” said J Patrick Kennedy, CEO and founder of OSIsoft.
Artemis said the strategic deployment of the software bundle would increase overall grid efficiency by about 20%. In turn, this could reduce the need for new fossil-based energy sources and utility grid systems.
“Data transparency and security is vitally important, and leveraging blockchain technology allows us to provide our customers with the tools they need to participate in this ever-changing energy landscape,” added Kennedy.
“The mission of Artemis Energy Services is to enable the efficient integration, operation, and transactional management of distributed energy resources to reduce utility costs to customers, while we continue to green our energy portfolios,” said Amanda Martinez, CEO and Co-Founder of Artemis Energy Services.
Additionally, OSIsoft has signed another partnership with DERNetSoft. This startup also runs a marketplace for distributed energy resources like solar, and leverages OSIsoft to aggregate data gathered from DERs. Based on past data and weather forecasts, it can predict electricity demand for corporate and other users. It uses AI but is not blockchain-based.
Meanwhile, blockchain for energy systems is being trialed across the world. Aussie firm Power Ledger is one such company that is spearheading blockchain applications in the energy sector. It has launched several trials for RECs and DERs, and has commercial deals in Australia and India.
Thai energy conglomerate PTT is working on a blockchain-based renewables marketplace in collaboration with Energy Web Foundation (EWF), an energy blockchain non-profit. The platform will go live later this year. The EWF has its own public blockchain, which it launched with about 100 affiliate members.
Japanese conglomerate Marubeni is collaborating with blockchain energy startup LO3 Energy for an energy marketplace in the country. In Singapore, the SP Group has launched a blockchain-powered renewable energy certificate marketplace.