Electrify partners with Senoko Energy and ENGIE Factory to launch Singapore’s first peer-to-peer energy trading platform, SolarShare, allowing consumers to purchase renewable electricity produced by private solar panel owners via an online marketplace. Electrify CEO Martin Lim says the pilot project aims to leverage a forecasted USD 60M solar energy opportunity in Southeast Asia by 2023.
Electrify says this project will allow consumers to purchase renewable electricity produced by private solar panel owners via an online marketplace from across the city. One of the first few of its kind in the world, the pilot is conducted in collaboration with Senoko Energy, one of Singapore’s largest and most established energy companies, and is sponsored by ENGIE Factory, the venture arm of French multinational electric utility company, ENGIE.
Running from July 2020 to June 2021, the year-long pilot has a near-term goal of deploying P2P energy trading capabilities for residential and business clients of Senoko Energy.
Electrify’s CEO Martin Lims says its longer-term objective is to showcase the commercial viability of its grid-wide P2P energy trading technology named Synergy, and says this will create economic incentives to increase the proliferation of distributed urban solar systems.
Lim says having successfully completed the technical pilot in February 2019, this upcoming commercial pilot project incorporates learnings and feedback to ensure optimal outcomes.
According to Lim, Electrify has forecasted USD 60 million worth of solar energy to be transacted across major Southeast Asian markets by 2023, a significant increase from USD 2.6 milllion next year. Through collaborations with regulators and key industry players, Lim says Electrify aims to capture approximately 30% of the regional renewable energy market with Synergy.
“Electrify’s vision is to foster a dynamic energy ecosystem using technology as an enabler. In doing so, we aim to contribute to a more sustainable energy landscape for Singapore and the rest of the world. The Synergy platform is one of the very few in the world capable of facilitating P2P energy trade on a city-wide scale, and is designed for a modern city by allowing us to harness rooftop real estate to maximise urban solar potential,” says Lim.
The pilot is targeting 100 participants comprising consumers who wish to power their households and businesses with renewable energy, as well as private houses and commercial properties with installed solar panels to generate electricity (“prosumers”). It has been designed to make the complex purchase of renewable energy a convenient, fuss-free affair.
Private owners of solar panels list their energy offerings at their preferred rates on SolarShare, which automatically matches them to prospective customers.
“This pilot project represents a significant milestone towards industry validation for Synergy. Commercialisation would not have been possible without the strong support we’ve received from Senoko Energy and ENGIE Factory. Synergy’s launch will go a long way to enhance Singapore’s position as a technology leader in the region. We look forward to deepening our partnership with ENGIE to address the growing demand for renewable energy for economies across the region,” says Lim.
Commenting on the partnership Senoko Energy Head of Commercial Division James Chong says the concept of P2P energy trading is highly innovative and smart, and its adoption around the globe is still in its early stages.
“We are very excited to collaborate with Electrify and ENGIE Factory, because we believe this will be the future of our energy industry, driven by a community of like-minded individuals and companies. Our decision to invest in SolarShare is driven by two key factors – our commitment to meet Singapore’s renewable energy demand and to empower Singaporeans with greater choice in their electricity consumption. A ‘prosumer’ culture will strengthen the energy security of Singapore as producers can contribute excess energy to the energy grid, while consumers can choose where their electricity comes from at their preferred price,” says Chong.
ENGIE Factory Managing Director Quentin Vaquette says currently, there are just over 1,200 private residential properties in Singapore that have solar rooftop installations, with the potential for as many as 65,000 installations.
“Through this pilot P2P project, we hope to encourage more Singaporeans to adopt renewables and help lower the nation’s carbon footprint,” says Vaquette.
Beyond Singapore, Lim says Electrify is currently speaking with established energy players and regional utilities to bring Synergy into their respective markets. Target geographies include Malaysia, Japan, Thailand, and Australia. Lim says Electrify is also on track for its Series A fundraise this year and is currently in talks with potential investors based in the region.
(Ed. Electrify claims participation in the pilot is open to new and existing Senoko Energy customers. Interested parties can register their interest in the pilot at http://www.solarshare.sg starting from July 2020. For more information, click here. Featured image of Electrify CEO Martin Lim provided courtesy of Electrify.)