Australian based peer to peer energy trading platform Power Ledger will collaborate with Silicon Valley Power to track the renewable energy use of electric vehicles.First Carbon Credit Project
Perth startup Power Ledger has been pioneering blockchain based peer to peer renewable energy projects in countries around the world. Now the company has announced its first carbon credit project as it partners with Silicon Valley Power in Santa Clara, California and the Clean Energy Block Chain Network to create a digital record of Low Carbon Fuel Standard (LCFS) transactions. With its aim being to reduce both the processing time and cost of LCFS credits.
The project has two main goals, using Power Ledger’s cutting edge blockchain technology which tracks energy production, storage, and use in a transparent, auditable record. To be used in order to manage the consumption of low-carbon energy from Santa Clara solar and batteries at one of California’s largest public electric vehicle charging facilities. While also cutting the time and cost of processing LCFS credits by digitizing the management system that tracks low-carbon electricity as a fuel path.
The platform aims to cut out the need for additional software, hardware or engineers to connect the city-owned PV and SVP electric power grid by utilizing API data from pre-existing meters.
Power Ledger Managing Director and Co-Founder David Martin was quoted about the project,