OMEGAGrid – Blockchain Energy Rewards Platform

We help utilities calculate, deliver, and redeem rewards for clean energy. Earn rewards for using clean, local energy

 

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Tech Topics: Blockchain

Use Cases: Renewable Energy

Status: Commercially Available

Blockchain Energy Rewards Platform

 

Why does our electric grid need to change

Solar and batteries are 85% less expensive

Costs for solar and batteries have fallen dramatically over the last ten years and are expected to continue to decline. In many places, generating and storing electricity locally is already less expensive than transmitting it over long distances from traditional power plants.

Inefficient grid design

Our electric grid was not designed to manage millions of new buyers interacting with local sellers. Our grid is designed for the annual peak hour and is underutilized over 99% of the time. This traditional design limits the amount of clean energy and electric vehicles that can be added to the grid. What if batteries autonomously charged when there’s excess wind power, and businesses automatically reduced power demand when electricity prices are high? What if your local utility could add an order of magnitude more solar and electric vehicles to their existing grid?

Local energy market software

Omega Grid has developed a local energy market software platform that represents a light-weight wholesale system suitable for distribution grids. The financial market. Software helps determine the most efficient mix of generation and loads on a local grid

Why Blockchain?

Our Local Energy Market software is built with blockchain architecture, avoiding the need for a central clearinghouse, a single point of failure for the market, and expensive communication infrastructure to address latency. The platform accounts for local grid limitations and interfaces with the existing wholesale markets.

Omega Grid takes the infrastructure constraints into account to help safely deliver electricity across the grid.

“We are going to be enrolling customers into this workplace charging program that will be aligning incentive signals with local renewable production and offering them rebates or credits on charging that they can accumulate as blockchain-enabled tokens,”

Denver Hinds

R&D project manager, SMUD

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