LEIPZIG, Germany--(BUSINESS WIRE)--Energy2market GmbH (e2m), a leader in aggregated energy trading throughout Europe, and Swytch, a blockchain-based renewable energy data and incentive platform, today announced a strategic partnership for a Proof of Concept test. Beginning in January 2018, e2m has been testing the efficacy of the Swytch blockchain platform across its portfolio of assets in Germany, equivalent to approximately 3.5Gw of solar, wind, hydro, and biogas energy capacity. The deal affirms the ability of Swytch’s technology to function at industry-leading scale as it pioneers an entirely new blockchain protocol built to verify and track renewable energy production.
“We firmly believe that blockchain technology can be used to unlock long-term value for Europe’s renewable energy assets,” said Andreas Keil, CEO of e2m. “Today, renewable energies represent 31,5% of the total energy market in Germany but we have a goal of reaching 70% within 2050. Government-based incentive programs can only do so much, and a more dynamic option is needed. Additionally, some countries, like Germany, will begin phasing out their incentive programs in the next few years. We need to prepare for the future and identify new subsidy instruments and trading mechanism.”
Swytch uses blockchain to bring together data, networks, and incentives to encourage the adoption of renewable energy at scale. The Swytch platform consists of an ERC20 token to facilitate exchange of production data rights, a Proof-of-Production (POC) protocol to verify data directly from the source, and an open-source “oracle” to aggregate data and allocate incentives based on actual environmental and economic impact. e2m uses Swytch because it sees its approach to tokenized incentives in the energy market as particularly attractive to the larger energy producers plus the energy traders it serves.
e2m hopes to gain insight into potential alternatives to existing programs and build expertise in blockchain, an important emerging technology, in the POC phase. Additionally, the company believes that Swytch as a global incentive program and data source has the potential to revolutionize the renewable energy market and reduce the burden placed on governments to subsidize new and existing assets. In this way, a partnership with Swytch will create a competitive advantage and generate value for its customers and the marketplace as a whole.
“Generating more than 3.5 Gw, e2m is one of the biggest direct marketers of energy in Europe,” said Evan Caron, Co-Founder and Managing Director of Swytch. “Swytch’s blockchain system is the only technology tested in gigawatts rather than megawatts allowing us to seamlessly integrate with e2m’s infrastructure. This gives Swytch the unique ability to verify production directly from the source. When compared to existing programs this will drastically reduce administrative costs and open up incentive mechanisms to residential properties which are the key to accelerated adoption of renewables. This positions Swytch as a central player in the global grassroots movement to reduce carbon emissions.”
As an independent trading company operating throughout Europe, Energy2market GmbH (e2m) specializes in managing and optimizing dynamic portfolios and marketing the flexibility derived from decentralized generation and consumption systems. With a marketed generation capacity of renewable energy of more than 3,500 MW, e2m is one of the biggest providers of market access services in Germany. It has the infrastructure required for marketing flexibility as well as access to all German and to international trading markets. As an international group, e2m has subsidiaries in Poland, Austria, Italy, and Scandinavia, and recently announced plans to expand to the UK. Read more: www.e2m.energy
Swytch is a blockchain solution for accelerating a sustainable and equitable energy future. The Swytch platform includes token-based incentives, open-source data aggregation, and unique blockchain protocols to secure and verify energy production data.
Swytch fills the gaps in today’s marketplace for verified renewable production and data sharing. By utilizing an ERC20 compliant utility token, Swytch will incentivize investments in sustainable assets. In addition, the data aggregation and protocol layers will also revolutionize the way information is collected and shared in the renewable energy market. Applications in infrastructure include grid-scale, residential, and storage systems across all sources of renewable energy (wind, solar, hydro, etc.).
From large-scale industrial power infrastructure to small residential installations, Swytch Tokens can be generated through the production of renewable energy. Swytch and its partners are building out the technologies and community necessary for ensuring data and tokens can be freely exchanged within the network. The Swytch platform was created by the Token Commons Foundation, a non-profit foundation based in Zug, Switzerland.