Blockchain-Based Electric Vehicle Charging Platform Receives $1 Million In Funding From Natural Reso
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.
Toronto trials #blockchain based EV charging system with support from the Canadian government. https://t.co/B7GNtb8nLi — Cointelegraph (@Cointelegraph) November 13, 2020
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.
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.”