Estonian energy retail company 220Energia is collaborating with blockchain-based green energy trading platform WePower to explore using blockchain technologies for the cross-border sale of retail energy in Europe.
Recently, WePower announced a pilot project with Elering AS to test the large scale tokenization of energy data on the blockchain in Estonia. The project is the first of its kind in Europe and will pave the way for a future practical test that will connect European green energy producers to the Estonian Smart Grid.
In its official release, WePower revealed its intention to begin its work towards offering retail energy packages on the market that support the consumption of tokenized energy. It said that its collaboration with 220Energia would enable it to begin development work faster than originally planned.
“When we started WePower we did not have plans to enter the household energy market until 2020. However, this partnership with 220 Energia allows us to expand our platform adoption scope, testing with Elering to move towards reaching our goals faster. Essentially, it means that we will be able to tokenize and trade energy produced not only by large renewable energy producers but also by any household with a solar plant on the roof or a windmill in their backyard” - Nikolaj Martyniuk, CEO and Co-Founder of WePower.
WePower and 220Energia have signed a Memorandum of Understanding (MoU). WePower said that it seeks to use Estonia as a development center, adding “we will not be independently trying to go into the retail market, but partnering with innovative regional retailer’s whose core business is just that.”
“We aim to use digital technologies to help customers make better everyday energy decisions that help save them money and lower their environmental footprint. We are always looking out for new opportunities. I am glad to partner with WePower to explore the new opportunities that blockchain can bring to the table,” Peeter Pikk, Board member, 220Energia, said.
