Launched in 2017, they are Singapore’s first retail electricity marketplace, Electrify.asia, recognizing that the multitude of choices offered by private retailers could be daunting for prospective consumers. Electrify.asia is an Electricity Marketplace designed for the deregulation of Asia’s energy market to provide residential, commercial and industrial consumers the convenience and freedom to select the most suitable option based on their consumption, all on a single platform.
Synergy is Electrify’s ground-breaking vision of a peer-to-peer (P2P) energy trading platform, directly connecting energy producers and consumers across main grids. For the first time, owners of rooftop solar panels can receive stable revenue for their excess energy. Consumers, in turn, are offered a greater selection of energy options at fairer prices.
With this technology, Singaporeans can access a reliable, secure and transparent platform to buy and sell renewable energy. This will pave the way for other power grids to develop more inclusive business models to benefit the world. The concept of P2P energy trading is highly innovative and smart, and its adoption around the globe is still in its early stages. This will be the future of our energy industry, driven by a community of like-minded individuals and companies.
Launched in collaboration with Senoko Energy and ENGIE Factory, SolarShare launched in August 2020, where they started with 2 prosumers and 10 consumers in Phase 1. SolarShare is Singapore’s first peer-to-peer energy trading pilot, and sign-up is open to all Singapore residents. Through this pilot, you can expect to enjoy savings from SP’s Tariff Rate and still consume green energy in your homes and businesses. For owners of solar photovoltaic (PV) systems, you can increase your returns by selling your generated solar energy closer to retail prices than wholesale rates.
Currently, live in Singapore, SolarShare is Electrify’s commercial pilot – in collaboration with Senoko Energy, an ENGIE subsidiary, and ENGIE Factory, ENGIE’s dedicated arm to energy innovation. SolarShare is open to residents of Singapore, both new and current Senoko Energy customers. ENGIE Factory is also committed to accelerating the transition to zero carbon. Through this pilot P2P project, we hope to encourage more Singaporeans to adopt renewables and help lower the nation’s carbon footprint.
Peer-to-Peer Energy Trading Test
Synergy works (Synergy Alpha) – their nationwide test – concluded in Q1 2019 and consisted of 15 participants that traded power across Singapore’s national grid. Featuring 12 consumers and three prosumers, profile diversity and geographical distribution were considered to provide for different use cases. The goal of the test was to demonstrate the methodology behind Synergy by simulating an end-to-end use case for P2P energy trading through the city’s main electricity grid while complying with market rules. In January 2019, Synergy Alpha concluded successfully.
How it works
Synergy creates producer-consumer matches in real-time with 100% matching efficiency through the proprietary matching algorithm to ensure all produced solar energy will be fully utilized. With unique 1:1 matching between consumers and producers, the producer’s output is allocated to a designated consumer under the agreed contract parameters.
Who are the founders of Electrify.Asia (ELEC)?
Martin Lim is the Chief Executive Officer (CEO). He is also a serial entrepreneur with a passion for sustainable solutions and experience in numerous leading roles, including Sunseap. Zabrina Chew is the Head of Operations. Zabrina has spent a decade working with C-level leaders in the public and private sectors as a problem-solver and strategist, optimizing teams and operations to achieve their best possible outcomes. She loves envisioning and discovering the technologies that could transform our future and the people brave enough to drive them.
Anjana Jayaweera is the Head of Technology. Anjana is an avid believer in a low-carbon future. He’s hungry to learn new technologies and to look for ways to use them practically in daily tasks. He has been in the industry for almost 14 years and currently leads the technology team at Electrify. Their team is constantly searching for innovative ways to pioneer the energy industry and is packed with absolute professionals in their fields.
What Electrify.Asia (ELEC) used for?
Greater Energy Selection at Fairer Prices
With Synergy, consumers can purchase renewable energy directly from small-scale solar energy producers, eliminating the middlemen and reducing energy costs for everyone.
Access to the Platform
The ELEC token is the lifeblood of Synergy. It is what gives producers and consumers access rights to our blockchain platform.
It allows them to place deposits and pay transaction fees. It is also strictly a utility token—an important legal distinction.
The Best Returns on Your Solar Panels
Turn excess energy generated into stable revenue. For the first time, solar panel producers can sell energy to anyone – friends, neighbors, even strangers – across a city-wide grid.
How is Electrify.Asia (ELEC) unique?
The marketplace allows consumers to compare the available options on a single platform without approaching individual retailers, streamlining what would otherwise have been a tedious process. The cloud-based platform has transacted more than 60GWh of electricity since its launch and has helped 500 commercial and industrial companies in Singapore save a combined S$1.5 million.
Easy plans comparison that allows you to compare plans from multiple electricity retailers on a single platform. Fuss-free contracting that allows you to switch to any preferred plan in 4 simple steps. Synergy will create producer-consumer matches in real-time through a proprietary matching algorithm to ensure all produced solar energy will be fully utilized. By doing so, producers are given supply certainty, encouraging fair prices for solar power for consumers.
By joining SolarShare, you will join other pioneers in changing Singapore’s future energy landscape and, potentially, the rest of the world. Current methods of Carbon Credits or Renewable Energy Certificates are add-ons purchased and added to your meal, but those don’t change the foundation of consuming brown energy.
How many Electrify.Asia (ELEC) coins are in circulation?
Electrify.Asia has a current supply of 749,999,945.2724185 with 529,591,778.6018642 in circulation.
How is the Electrify.Asia network secured?
The PowerPod communicates with the world through a host of protocols and standards, including Narrowband-IoT (NB-IoT), 3G/4G, 802.11, Ethernet and a variety of RF bandwidths. In addition to smart contracts, it secures the platform against invaders while communicating with its users.
How do I buy Electrify.Asia (ELEC)?
The ELEC token can be used for a wide range of purposes, like staking and governance.
ELEC tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy ELEC through your trading account by swapping with BTC, ETH, or USDT pairs.
Which Cryptocurrency Wallet Supports Electrify.Asia (ELEC)?
The PTPWallet platform supports many cryptocurrencies, with ELEC soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.