Kyocera, the supplier of solar power in Japan, has tied up with LO3 Energy for testing out Virtual Power Plants (VPP) powered by blockchain, for enhancing the distribution of energy in select regions. A press release to that effect was released on the 25th of February, 2019. As per the release, the test is slated to occur on 28th of February this year.
In a world that is becoming increasingly conscious about environmental issues and the carbon footprint of countries, these two firms will together test out the viability of having VPPs for the sake of bringing down non-renewable fuel consumption and carbon emissions. The technology is based on having a P2P (peer-to-peer) distributed network based on consensus.
Kyocera is a rather large and influential firm with its net income running the whopping figure of $736 million or ¥81.79 billion. With its concerted efforts pushing the project forward, we can definitely expect a stellar technological feat. It will be taking up the responsibility of setting up small-scale VPPs making use of its solar photovoltaic modules and batteries.
LO3 Energy, a firm from the Big Apple, will be in charge of handling the energy flow based on the distributed ledger technology it has in place. The blockchain technology supplied by LO3 will be responsible for the verification and record-keeping of transactions. They will also facilitate the process of energy distribution via microgrids and their own solar panels rather than large energy grids.
The thrust of Kyocera’s role will be an extension of its specialization so far: having produced many solar power generation systems and storage batteries for VPP projects backed by the government of Japan. It also has significant experience in the field of handling remotely controlled distribution of power resources.
Lawrence Orsini, CEO of LO3 Energy stated:
“The need to reduce carbon emissions is exerting a profound impact on energy providers worldwide. Using distributed ledger technologies, our networks enable the micro energy transactions needed to meet this challenge. We believe the synergies between Kyocera and LO3 Energy will produce a new generation of virtual power plants that can accelerate Japan’s transition to a low carbon society.”
Hironao Kudo, Deputy General Manager of Kyocera Corporation’s Corporate R&D Group said:
“Kyocera is committed to developing low-carbon solutions that maximize renewable energy resources. We are excited to be the company in the area of grid management in Japan to collaborate with LO3 Energy, which has consistently proven its blockchain technologies all around the world. Kyocera entered the renewable energy field in the 1970s with solar photovoltaic (PV) modules and has continued to diversify its business into storage batteries and HEMS solutions.”