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40+ Startups Using Blockchain to Transform Energy [Market Map]

  • 30 November 2018
  • John Drebinger

The energy industry is always an early adopter of new technology. As renewable energy initiatives grow in significance, and more capital flows into reinventing energy grids, companies are seeking technological solutions that can increase efficiency, while reducing costs. Additionally, consumers are more educated about where energy comes from, and many are turning to options that are more sustainable or cost-effective for their communities.

Blockchain is one of those technologies that is gaining traction within the industry. Our research found that there has been over $300 million dollars invested in blockchain energy startups in the last two years, and even more in undisclosed investment rounds. That number is likely to skyrocket as more companies begin to recognize the potential applications of blockchain in energy.

Blockchain is particularly well-suited for the recent demand for decentralized and community-driven energy grids. Blockchain was built to operate as a distributed network of nodes, facilitating and verifying transactions. As such, it is the ideal technology for helping small energy producers and home producers to exchange surplus energy, store it for peak use, and reduce the overall cost of energy for communities.

Additionally, blockchain and cryptocurrency solutions can be used to incentivize further investment in renewable energy research and infrastructure. Numerous foundations and for-profit startups have deployed tokens to help increase innovation in green energy markets. The following companies are all finding ways to use blockchain to improve energy infrastructure, increase adoption for renewables, and decentralize energy grids to better suit the needs of energy consumers.

Blockchain in energy market map


CATEGORY #1: TOKENIZING ENERGYBlockchain market map - Energy - Tokenizing energy

There are many things wrong with the ways we manage utilities, and payment is one of them. Frequently, utilities payments have to be routed through a single account and usually have to be paid through checking. A good deal of utilities customers may not have access to traditional payment options, and frequently users share portions of the payment. Blockchain is well-suited for solving some of these issues because it is built to revolutionize payment systems. These companies are using blockchain to tokenize energy use and reinvent the way we track consumption and manage energy payments. 


ireneIrene Energy

Irene Energy is a back office solution for the energy industry that has recently completed a token sale to increase the efficiency of energy transaction settlements using blockchain. Their token sale was launched on the Stellar blockchain and sold over 9 million of their token.


wpp-energyWPP Token

WPP Energy has created a token in hopes of streamlining payments for all functions within the renewable energy sector. They want to enable the trading of energy from green energy producers at more affordable prices. The token will also enable complete transparency on both demand and transaction volume, providing green energy producers with better data insights.


treonTreon

Treon is creating a blockchain app that connects user utility accounts in order to securely manage them from one location. Additionally, they leverage Treon tokens as a universal method of payment across all utility accounts. Blockchain secures both the user's data across all accounts and payments by leveraging a secure token.


etain-powerEtainPower – EPR Token

EtainPower is a renewable energy financing and trading ecosystem leveraging blockchain and artificial intelligence solutions. Their blockchain architecture aims to tokenize global renewable energy assets, in hopes of making it easier to rapidly trade them on a decentralized platform. EtainPower is headquartered in Singapore but has a distributed team working on building new blockchain solutions for energy markets.

Founded: May 28, 2018

Funding type: Private


energy-premierEnergy Premier – EPC Token

Energy Premier is working to enable distributed and transparent energy trade utilizing blockchain technology and their EPC token. Their goal is to decentralize grid management and give users and small producers more authority. They plan to accomplish this by allowing energy consumers and suppliers to trade electricity using the EPC token.


CATEGORY #2: P2P ENERGY TRADING & MICROGRIDS 

Blockchain market map - Energy - P2P Energy trading and microgrids

Everyone knows there are countless inefficiencies in the energy grid, stemming from the highly centralized nature of our utilities systems. With the advent of at-home energy production and storage through affordable solar panels and home batteries, many users are storing energy surpluses at home. These companies are working on building decentralized protocols for the local sharing and exchange of excess energy to improve efficiency and reduce costs for communities that can operate as self-sufficient microgrids.


prosumePROSUME

PROSUME is using blockchain to create self-monitoring, self-regulating decentralized energy systems. Their goal is to create an autonomous network that helps energy users to exchange energy in a more democratic system, and to create new community-driven energy models that embrace green energy initiatives. They aim to simplify settlements with smart contracts, facilitate payments, and automate billing processes. By leveraging blockchain, they also hope to democratize the ownership of production, possibly by creating fractional ownership of power plants.

Founded: 2017

Funding type: Private


Grid Singularity

Grid Singularity is building a permissioned blockchain platform for decentralizing the exchange of energy data. They are closely partnered with the Energy Web Foundation and aim to provide a more transparent and democratic layer to the highly centralized energy market. They hope to power an increased investment in green energy, power energy provenance certificates to verify green energy origins, and create a paradigm for decentralized energy grid management.

Founded: 2016

Funding type: Private


volt-marketsVolt Markets

Volt Markets uses the Ethereum blockchain to create smart contracts to help with energy origination, tracking, and trading. Their aim is to leverage blockchain solutions to improve the way energy is traded. On top of their smart contracts, they plan to use blockchain-enable IoT solutions to create more peer-to-peer energy markets, decentralizing energy management.

Founded: 2016


vlux-by-vervVLUX by Verv

VLUX is a token being launched by the IoT energy company Verv. Verv provides IoT hardware systems to increase visibility on home energy usage. Leveraging their existing hardware business, they are launching VLUX to help users gain access to affordable, low carbon energy by enabling peers to trade energy between one another via the Verv energy trading platform. The goal is to let people with renewable energy sources to be able to sell excess power directly to their neighbors at an affordable cost. Transactions will occur through the VLUX token, while energy is optimized and traded on the Verv platform.


electrify-asiaElectrify Asia

Electrify is one of the first retail energy markets in Asia, having facilitated over 60GWh of energy transactions. As an improvement from the existing marketplace business in Singapore, their new MARKETPLACE 2.0 will allow anyone to source energy from commercial energy suppliers or buy directly from a private producer via ELECTRIFY’s peer-to-peer (P2P) trading platform, SYNERGY.


green-power-exchangeGreen Power Exchange

Green Power Network's GPX platform enables peer-to-peer energy trading. Producers can easily pre-sell their power at a better rate while allowing consumers to buy their power directly for significantly less. They are creating a hyper-efficient renewable energy marketplace to turbocharge clean energy deployment and push out fossil fuels. Be on the right side of history.


power-ledgerPower Ledger

Power Ledger builds global blockchain energy solutions to provide communities access to affordable electricity that is also renewable. By increasing the transparency for energy origins, Power Ledger could assist with providing customers more choices for where their energy comes from. They accomplish these goals through peer-to-peer energy trading, carbon product trading, microgrid management, and more.

Founded: 2016

Funding type: Private


swytchSwytch

Swytch aims to incentivize the support of green initiatives with a token system that rewards sustainable actions from users, like driving electric cars or reducing waste. They also reward tokens to users who create renewable energy for consumers on the network.

Founded: 2017

Funding type: Private


energoEnergo Labs

Energo Labs is based in Shanghai, but operates globally. They are designing Decentralized Autonomous Energy (DAE) communities by leveraging blockchain solutions built for energy markets. They aim to power a framework for peer-to-peer microgrids where small energy producers can exchange energy with their neighbors.


eloncityELONCITY

ELONCITY is working to decentralize power infrastructure into millions of self-sufficient microgrids. Locally produced energy will be available 24/7 and directly competitive to utilities. Energy prices will be transparent to all users. Their goal is to make clean energy more accessible and affordable through the efficiency blockchain systems can provide.


CATEGORY #3: INCENTIVIZING RENEWABLES INVESTMENT

Blockchain market map - Energy - Incentivizing renewables investment

One obstacle to renewables investment, adoption, and innovation has been the prohibitive cost of getting started. With renewable technologies becoming more affordable, however, all people need is a nudge to start investing in and deploying more green energy solutions. These companies are combining the decentralized nature of cryptocurrency and the promise of financial rewards to incentivize green behaviors and the development of new renewable energy sources.


EnergiToken

EnergiToken is a technology developed by the team at Energi Mine. With over $23 million in funding, Energi Mine creates innovative solutions for energy markets using sophisticated AI and blockchain technologies. They rolled out EnergiToken to create an incentive structure for people participating in green energy initiatives, whether at work or at home. When users complete various tasks or transformations with their affiliates, they are rewarded with Energi Tokens.

Founded: Nov 22, 2016


we-powerWePower

WePower is a blockchain-powered green energy trading platform. They leverage the use of what they call “smart energy contracts” to create a funding/financing vehicle for green energy companies. By selling energy production up front with these smart energy contracts, companies can develop green energy production channels all while maintaining transparency through WePower's platform.

Founded: 2017

Funding type: Private


omega-gridOMEGAGrid

OMEGAGrid is a firm helping utilities calculate, deliver, and redeem rewards for clean energy using blockchain-powered incentive programs. They've had numerous partnerships with private businesses, municipalities, and accelerators to help accelerate the adoption of green energy technologies.

Founded: Feb 2, 2017

Funding type: Private


greeneumGreeneum

Greeneum is leveraging a decentralized P2P marketplace platform, powered by blockchain, to reimagine the way that renewable energy is exchanged. They aim to help incentivize the reduction of carbon footprint through machine learning and advanced multiple validations. They monitor and reward users who verify carbon footprint reduction at both the micro and macro network level.


hydrocoinHydroCoin

HydroCoin is a cryptocurrency built to help grow the hydrogen power industry. By providing a token built for the hydrogen industry, HydroCoin hopes to create new investment and financing channels for hydrogen ventures, while decentralizing participation in clean energy initiatives. It doubles as a certificate for renewable energy sources and a currency that can be used to purchase qualifying clean fuels at certified locations.

Founded: 2017

Funding type: Private


suncontractSunContract

The SunContract platform empowers individuals, with an emphasis on home owners, to freely buy, sell, or trade electricity, making them completely energy self-sufficient. Instead of being hamstrung by the natural monopoly of traditional power generators and distributors, you can now directly trade electricity with any person you wish. You can also choose the price at which you purchase or sell your electricity.


netzNETZ

NETZ is introducing their NETZ Coin, a 2.0 Generation Security token. NETZ enables open access to all investors into high yielding of energy power plants, which has historically only been accessible to multibillion energy corporations and funds.


restart-energyRestart Energy

Designed and backed by the European Union’s fastest growing private energy provider, the RED platform will have 27,000 households and more than 3,000 SMEs and multinational corporations ready for use on day one.

 


sunmoneySunMoney

SunMoney Token is an ICO from the team at SunMoney to create a method of exchange for green energy incentives. SunMoney gives users the opportunity to make microinvestments in solar energy production without having to maintain their own facilities.


solarcoinSolarCoin

SolarCoin is a crypto reward for solar energy producers. The SolarCoin Foundation rewards solar energy producers with blockchain-based digital tokens at the rate of one SolarCoin (SLR) per megawatt hour (MWh) of solar energy produced. SolarCoin is free, acting as an additional reward for solar energy producers, who also see such incentives as government subsidies or carbon credits. Whoever produces solar power — helping to avoid CO2 emissions — may receive SolarCoin.

Founded: 2014

Funding type: Non-profit foundation


CATEGORY #4: ENERGY DATA & PROVENANCE

Blockchain market map - Energy - Data and provenance

With more and more energy consumers becoming concerned with how their consumption impacts the environment, companies are working to develop provenance solutions to prove that their energy comes from low impact sources. They are also trying to drive adoption of more renewable energy sources by increasing transparency and forcing harmful production practices into the light. These companies are using blockchain’s distributed ledger to show where energy comes from and how it was produced. 


bluenoteBluenote

Bluenote is working to increase the quality and veracity of energy consumption and efficiency data by recording key use data on the blockchain while rewarding participants with their tokens. By creating a ledger of data usage and incentivizing data sharing, Bluenote aims to increase the efficiency of participating facilities and reduce environmental impact.

Founded: Sep 1, 2017

Funding type: Private


mega-vatio-coontrolMegavatio Control SL/Greentracker

Megavatio's Green Energy Tracker is co-funded by the EU's Horizon 2020 Program and aims to improve transparency on energy origins through the use of smart contracts. This means energy consumers will be able to track their electricity from creation to consumption. Their hope is to create more transparent energy markets to increase adoption of green energy solutions and put the public eye on energy sources that don't protect the environment.

Founded: 2011

Funding type: Private


litionLition

According to their site, “Lition is developing the only scalable public-private blockchain with deletable data features, made for commercial products. Designed with Lition's live P2P trading use case, and co-innovated with SAP.” They have developed a peer-to-peer energy exchange platform that removes middlemen to connect energy producers and consumers more directly. The end goal is reducing costs for energy consumers while helping producers save money through reducing inefficiencies.

Founded: Dec 27, 2017

Funding type: Private


bittwattBittwatt

Bittwatt is creating a standardized blockchain protocol to act as a matchmaking platform to connect everything from consumers to DSOs. Their goal is to be a decentralized platform that uses blockchain to link consumption metrics and other relevant usage data to remove the middlemen in the industry and remove unnecessary fees resulting from inefficiencies.


CATEGORY #5: ENERGY INFRASTRUCTURE

Blockchain market map - Energt - Infrastructure

One of the reasons energy markets are slow to adopt change is because most energy grids operate on outdated infrastructure and business models. These infrastructure challenges lead to costly inefficiencies and stall innovation. These companies are working to use blockchain to improve the state of our energy infrastructure and help utilities upgrade their current systems to deliver a more efficient and green energy grid.


energy-web-foundationEnergy Web Foundation

Energy Web Foundation is developing blockchain solutions with the goal of creating a more “decentralized, democratized, decarbonized, and resilient” energy grid. They are building Ethereum-powered, scalable blockchain systems to facilitate energy transactions and transmission. Their intent is to create a blockchain standard for energy grid interoperability to bring together the disparate solutions on the market.

Funding type: Private


electronElectron

Electron is building blockchain-powered products for green energy solutions, including community-based energy projects, microgrids, and more flexible energy trading. Their decentralized approach promises to reduce transmission-based inefficiencies while enabling more location-driven pricing models. By democratizing energy grids on the blockchain, they hope to reduce waste and increase the exchange of peer-to-peer green energy production.

Founded: November 2015

Funding type: Private


viaVIA

Utilities often lack the data solutions to generate the insights needed for improving processes. Blockchain is perfect for increasing the veracity of data, but also for creating a secure way to share and distribute access to that data. VIA is leveraging AI and blockchain to help utilities gain access to more comprehensive data insights and the intelligence needed to process it.


drone-energyDrone Energy

Drone Energy provides efficient, modular scalability. They aim to provide the ability to maximize cash return on their partners’ investments in infrastructure through their patent-pending system for relocating and operating modular high performance computer systems adjacent to underutilized power assets.


grid+Grid+

Grid+ leverages the Ethereum blockchain to give consumers direct access to wholesale energy markets. This decreases costs, shifts production closer to demand, and moves us all toward a cleaner energy future.

 


pylonPylon

Pylon, a subsidiary of Klenergy, is using blockchain-powered metering to help improve the efficiency of energy consumption and the amount of data available. All blockchain platforms do not work for any application. The number of transactions within energy markets requires systems that are scalable, and Pylon aims to provide those systems with the latest in blockchain innovation.


lo3-energyLO3 Energy

LO3 Energy is a technology and business development consulting firm with a focus on emerging decentralized business models. The company builds tools and develops projects to support and accelerate the proliferation of distributed energy, utilities, and a computation sharing economy of the future.

Founded: 2012

Funding type: Private


zero-carbon-projectZero Carbon Markets

The Zero Carbon Project aims to reduce carbon footprint by allowing their customers to earn ZeroCarbon token rewards as a catalyst for change. Their goal is to reduce carbon emissions faster than renewable energy conversion. 


Route4Gas

Route4Gas is a platform working to solve for the European Natural Gas Market. Their aim is to anonymize user data, optimize the transmission of natural gas to reduce costs, and leverage blockchain for data veracity. Their platform promises to reduce the cost of natural gas transmission by up to 30% while ensuring that transmission and capacity data is accurate.

Founded: March 27, 2017

Funding type: Private


future-fuel-techFutureFuel Tech

FutureFuel Tech is working to create the UK's first off-grid crypto mining facility. The vision is to convert waste into biodiesel that can then be used to power a cryptocurrency mine that rewards participants with cryptocurrency mined by the facility. Their long-term goal is to use this strategy as a way to offset the large energy demands of cryptocurrency mining by providing an environmentally-driven alternative.

Founded: January 2018

Funding type: Private


robotinaRobotina/ROX Token

The ROX Token will be the fuel for Robotina’s IoT platform, used by members worldwide. It is an application-specific token, built on top of the existing Ethereum blockchain, that allows Robotina to give the value of the cooperative network back to the community. Using smart technology, the Robotina platform solution will help users optimize the consumption of electricity by automatically turning off a device when in use (but not needed) or switching it on when the tariff is cheapest.

 

Want more blockchain in energy content?

Read: Blockchain in Energy: 7+ Possible Use Cases 

About John Drebinger

John Drebinger is a champion for disruptive technologies, with special expertise in Blockchain and Space tech. He is the host of the Blockchain Disruption podcast, and a member of Disruptor Daily’s Blockchain research corps.

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