Blockchain-Based Electric Vehicle Charging Platform Receives $1 Million In Funding From Natural Resources Canada
Blockchain-Based Electric Vehicle Charging Platform Receives $1 Million In Funding From Natural Resources Canada
November 16, 2020
Blockchain-Based Electric Vehicle Charging Platform Receives $1 Million In Funding From Natural Resources Canada
Blockchain-Based Electric Vehicle Charging Platform Receives $1 Million In Funding From Natural Resources Canada
November 16, 2020

SWTCH, a blockchain-based electric vehicle charging platform, has received $1 million in funding from Natural Resources Canada, a department of the country’s government.

It has been reported by an article on the independent Electric Autonomy Canada platform that the scheme promises to reduce the cost of electric vehicle charging transactions and enhance power grid efficiency.

However, the pilot will take place at two multi-tenanted office buildings in downtown Toronto, and is run by electric vehicle charging platform SWTCH Energy and intelligent energy software developer Opus One Solutions.

The innovation comes through the understanding that electric vehicles are not just alternatively-powered cars, but batteries on wheels. This allows them to be used in a bi-directional charging scenario whereby they are charged up overnight by using cheap electricity and can then supply excess power to the building at peak times during the day.

The report said that the car owners are credited for the power they provide, based on the going competitive price of electricity. Blockchain is used to keep an automated ledger of transactions.

ALSO READ :  South Korea’s NongHyup Bank Introduces Blockchain-Based Mobile ID System

Likewise, this technique can be used to stabilize the requirements placed on the power grid and smooth out fluctuations in the provision of renewable energy sources.

Carter Li, the CEO of SWTCH, said:

“You are going to have an abundance of battery reserve storage that’s just sitting there — most people only drive their vehicles 10% of the time. You use these [electric vehicles] to reduce peak energy demand.”

Seamus O’Regan, Canada’s Minister of Natural Resources, said:

“Driving clean growth, increasing competitiveness and reducing pollution. This is how we get to net-zero emissions by 2050.”

Moreover, Li stated:

“As electric vehicle adoption grows and our energy systems become increasingly decentralized, our blockchain-based solution is poised to deliver the greatest value to all stakeholders involved in integrating EVs into the distributed energy ecosystem. We’re delighted to partner with Opus to commercialize this unique technology and grateful for the support of Natural Resources Canada that makes this work possible.”

Thus, Hari Subramaniam, the Chief of Strategic Growth at Opus One Solutions, said:

“We are thrilled to partner with another Canadian clean tech company to expand our transaction energy platform into the world of electric vehicles and to enable decarbonization in the transportation industry.”

Source: Cointelegraph | Image: SWTCH


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Colombian Stock Exchange Joins Consorcio Colibrí

Colombian Stock Exchange Joins Consorcio Colibrí

The Colombian Stock Exchange (CSE) has announced that it is joining the Consorcio Colibrí, a private initiative that promotes the adoption of blockchain technology within the finance industry. It has been reported that...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.