|Creation Date||January 2017|
What is Energo?
Energo is creating a real time P2P – peer to peer – energy trading platform. The platform is aimed mostly at people in Asia who are not connected to a main energy grid, as well as anyone with Solar PV panels, and is designed to allow these users to buy and sell energy between each other. Owners of solar panels will be able to sell their excess energy – at times when they can’t use or store this energy- to their neighbours.
One of the main existing problems currently with energy providers- is that it is not efficient or cost- effective for them to buy up the surplus energy produced by small producers- such as people with solar panels on their roofs. Some governments pay small sums for this excess energy, but the systems are not efficient. By creating such a peer to peer energy platform on the blockchain, it is easier and cheaper to sell small quantities of energy, and as there are no middle men involved, these small-scale producers will earn more for their excess energy.
Energo state on their website that ‘By placing energy production closer to consumption and encouraging transparency of generating resources, Energo aims to balance energy security, costs and carbonization with a prosumer- focused approach’.
What are Energo trying to do? How does the platform work?
Energo will focus on building their own microgrids, conntected to the blockchain, in communities that aren’t otherwise connected. These microgrids will make it easier and more efficient for the houses within them to buy and sell energy between themselves and directly from the microgrid. Energo is calling these microgrids DAEs – Decentralized Autonomous Energy communities. Normal grids are used to connect towns and cities to energy plants. Micro-grids would connect a small number of homes together, that usually don’t have access to another easy source of energy.
Some houses within that grid might have solar panels, and at certain times of day, would generate more electricity than they can use. Rather than buying batteries to store that electricity in, or selling it back to the government at a low rate, the microgrid connects them directly to other houses who can buy that energy. As the amount of this self-generated energy won’t be enough to power all of the houses, houses on the microgrid will still be conntected to the regular grid and house swill be able to switch to the regular grid automatically at any time they need more energy. Being connected to the microgrid will allow homes access to far cheaper energy for their initial usage – as energy from their neighbours or from the microgrid won’t be subject to the huge fees that energy firms add on as their profit and management costs – but homes will still have access to unlimited energy from the regular grid. This will however drastically lower the energy costs for those houses and will help make small communtiies more self sufficient.
The Energo microgrid setup would require every house connected to have a smart meter installed. Once you have bought the smart meter, you can log in to the decentralized platform of Energo and use TSL tokens to buy energy produced by your neighbors. TSL tokens work on the Qtum blockchain and each one represents 1 kWh energy. When you buy a TSL token, the following happens:
- 80% of the proceeds go to the energy supplier
- 10% of the proceeds go to Energo (the developers)
- 10% of the proceeds return to the Energo blockchain to further increase the value of the token
Energo have an app that allows users to check their own energy consumption and/or production, buy and sell of energy, allows users to pay for this energy using the app, it also allows users to buy energy stored in the microgrid battery, and users can pay the energy producers electronically and directly via monthly electricity bills. The app will allow for self-executing energy sales. Energo will have smart meters connected to blockchain, to connect energy producers with consumers within each microgrid, allowing supply to meet demand.
Energo don’t produce any of their own energy, but will get 10% of every transaction – which is still significantly less than fees charged by large energy suppliers.
However, none of the platform is yet built or active.
The Company behind Energo
Energo are based in Shanghai. Not much information is given about the team, and most of the information on their website is in Chinese. Ray Chu, the founder, was a marketing manager for various online stores, such as 24quan.com.
The team uses Kakao and Line to communicate but these are only in Chinese. There is a Telegram channel for Western users but it is not active at all.
Energo have partnered with Qtum, to use the Qtum blockchain for their platform. This is a great move- Qtum offers the best of both the Bitcoin blockchain and Ethereum’s flexibility and smart contracts.
Energo have a partnership with First Gen, ‘the largest producer of clean energy in Philippines’, to create a campus microgrid at the De La Salle University. This will save them money on energy bills as well as boosting their ability to produce their own renewable energy.
Energo are largely aiming at south Korean market- one of worlds largest energy importers.
Energo are also now an official partner of Power For All http://www.powerforall.org – a worldwide partnership focused on decentralized renewable energy.
Potential problems with Energo
The Energo website is very basic and there is no real information available about the team. The platform and app are also not yet live. This does leave some risk that the full plans for Energo may not be fully met, as currently it is mostly ideas and promises.
The Energo TSL tokens can only be used on the Energo platform, they have no other real world uses, so until the platform is live, investing in these tokens is purely speculative.
|Current Value (Total)||$ 16,283,659|
|Can Be Traded In||CoinEgg, Coin Nest, Gate.io, Allcoin, EXX|
The roadmap for the project is:
- 2018 September: Expanding the service into Australia, New Zealand
- 2018 December: Expanding into 4 countries in South East Asia