Vivid Technology And WePower Sign MOU For Blockchain Green Energy Trading Platform
9th May 2019
Vivid Technology Limited has signed a Memorandum of Understanding with WePower
WePower an emerging player in next generation green energy procurement that utilises blockchain to develop smart energy contracts
WePower will leverage data from Vivid Technology’s intelligent IoT MATRIXX® lighting system range to identify and validate customer site energy performance.
VIVID TECHNOLOGY LIMITED HAS SIGNED A MEMORANDUM OF UNDERSTANDING WITH WEPOWER
WePower, is an emerging player in next generation green energy procurement that utilises blockchain to develop smart contracts to drastically simplify the process around energy procurement contracts.
WePower’s trading platform, enables businesses to connect directly with green energy producers, to contract electricity at competitive rates eliminating issues around long-term contracts. Through WePower’s platform, smaller companies can be automatically aggregated with larger companies and/or between themselves, creating a broader and more inclusive market where risks and opportunities are shared and managed. WePower’s blockchain allows for peer-to-peer contracts exchange, creating the ability to direct trade power purchase agreements amongst users.
LEVERAGING VIVID INTELLIGENT IOT TECHNOLOGY
Vivid Technology and WePower will leverage data across Vivid Technology’s MATRIXX® range of intelligent lighting, backed by its Klarity analytics software, to enable identification and validate customer site energy performance. This smart data will be used to enable WePower’s blockchain smart contracts to maximise cost savings from customer existing energy purchasing contracts.
Both companies have synergistic aims and capabilities to help individual businesses maximise energy efficiency by combining Vivid Technology “back-of-meter” analytic capability, with WePower’s “front-of-meter” blockchain smart contract trading platform.
COMMITMENT TO WORK COLLABORATIVELY
The MOU will allow both parties to develop and commercialise a market offering, and is a commitment to work collaboratively to identify, and where appropriate, approach customers to deliver this market offering as a joint energy efficiency solution. Initial opportunities will be focused on Australia.
Vivid Technology’s MD, Samuel Marks noted, “After reviewing opportunities across the Energy Blockchain sector for nearly 2 years, we are pleased to work with WePower to jointly develop market leading solutions for our customers. Both companies share very similar mindsets in looking to tangibly provide new technology leading solutions (in-front of and behind the meter) aimed at reducing the use and cost of energy for our customers. As we consider the impact of Lighting-as-a-Service (LaaS), along with Solar energy Power Purchase Agreements (PPA’s), this opportunity provides more flexibility and better returns for both our customer bases.”
“This MOU also highlights the capability of our MATRIXX intelligent lighting solution in being able to provide energy efficiency savings in excess of just lighting. By leveraging the intelligence and data analytics that is part of MATRIXX systems core DNA, we are able to provide our customers new ways to improve their savings, far in excess of lighting and without any further investment.”
WePower CEO, Nikolaj Martyniuk noted, “We are excited to work with Vivid Technology to serve our customers with best possible solutions that provide value on both sides of the meter and achieve multiple goals corporate clients have at the same time. We see allot of value that can be delivered down the road with the evolution of our joint offering.”
WePower is headquartered in Vilnius, Lithuania, and has offices in Melbourne, Madrid and Tallinn.