Solar power startup Power Ledger is set to be one of others to receive $8.25 million in funding from the Australian government for running a project that uses blockchain.
The innovative project set in Fremantle, WA will receive $2.57 million from the Australian government, with an additional $5.68 million funded through partners including Curtin University, Murdoch University, Curtin Institute of Computation, LandCorp, CSIRO/Data61, CISCO, and Power Ledger.
The project aims to test the blockchain in order to determine how cities can use its technology and data analytics to integrate distributed energy and water systems. It is expected to begin within the next two months, and last around two years.
A statement from Power Ledger reads that:
“A large solar photovoltaic (PV) plant, rooftop solar PV panels, a precinct sized battery, an electric vehicle charge station and precinct water treatment and capture systems will be orchestrated using blockchain technology and data analytics, and demonstrate the interconnected infrastructure of future smart cities”.
Last month Power Ledger became the first Aussie startup to hold an ICO, raising over $34 million for its P2P energy marketplace, which allows property owners to buy and sell unused solar power.