Today, Australian blockchain firm Power Ledger announced a partnership with Thai Digital Energy Development (TDED) to develop the country’s trading infrastructure for energy and environmental commodities.
Power Ledger previously ran trials of its platform in Thailand with state controlled renewable energy company BPCG. The TDED is a joint venture between BPCG and the Provincial Electricity Authority (PEA) of Thailand. It is working on transforming the power business in the country and decentralizing the market. Thailand aims to double renewable energy production to 30% by 2037.
Power Ledger will provide its blockchain solutions for four renewables projects at the BCPG Group under the new deal. The initiatives are part of a ‘Sandbox Project’ of Thailand’s Office of Energy Regulatory Commission to increase renewables use.
Power Ledger will start work by setting up its energy trading and carbon management platform at the 12MW Smart Campus at Chiang Mai University in Thailand.
“Power Ledger is among the very first pioneers to apply blockchain technology in peer-to-peer energy trading and trading RECs,” said Bundit Sapianchai, President of BCPG and TDED. “Such expertise in state-of-the-art technology will help materialize TDED’s goal in the development of digital energy products and services, as well as making clean energy more accessible to people.”
The startup will deploy its TraceX REC trading platform in Thailand later this year to develop a marketplace for trading renewable energy certificates and carbon credits.