Energo Announces New Korean Partnership and Microgrid Project in Seoul
SEOUL, South Korea, Jun. 15, 2018 — With a unique combination of economic, environmental, and socio-cultural circumstances, Seoul serves as an appropriate landing spot for up-and-coming energy blockchain technology.
For one, cryptocurrency and related technologies like blockchain enjoy immense levels of interest in South Korea. To put things into perspective, the nation is responsible for about 30% of global cryptocurrency trading, despite making up less than 1% of the world’s total population.
However, aside from fervent national enthusiasm for cryptocurrency and the blockchain industry, South Korea also struggles with poor air quality in its major cities. Capital city Seoul’s carbon emissions are among the heaviest on the planet, with citizens voicing more concern for air pollution than economic issues in a survey conducted by the Korea Institute for Health and Social Affairs. Much of this pollution is related to energy consumption, as is the case for the rest of the world. Combined with the fact that the peninsular nation is one of the world’s top importers of oil and natural gas due to a dearth of domestic energy resources, it is clear that sustainable energy is a prominent issue for Korea’s future. As such, Korea offers valuable opportunities for the emerging blockchain-based renewable energy industry to flourish, while simultaneously alleviating critical environmental concerns.
At the head of this movement are enterprises that leverage cutting-edge cryptocurrency-based platforms and information technologies to develop energy solutions. Energo Labs is one such company, aiming to create decentralized autonomous energy communities that incorporate microgrids, solar panels, blockchain technology, smart meters, and a clean energy trading system facilitated by a mobile app.
With a campus microgrid project already implemented at De La Salle University — Dasmariñas in Manila and a United Nations-funded project planned for later this year, Energo Labs recently established a partnership with leading Korean energy tech company Enernet, marking their advancement into South Korea. As the world’s foremost total AMI (Advanced Metering Infrastructure) system company specializing in power-related metering, Enernet has worked with the Korean government and national energy supplier KEPCO on several domestic energy projects.
“Improving the technology behind peer-to-peer energy trading is more vital than ever, especially in light of the recent increase in particulate matter pollution. However, energy blockchain technology should be developed with reference to South Korea’s present circumstances, and it should be further updated with the use of current products,” said CEO of Enernet Hee Yeoun Jeoun. “As such, Enernet’s familiarity with the Korean market, expertise in remote meter-reading systems, and P2P energy blockchain technology will be combined to create a system that enables real-time energy transactions. Enernet expects to lead the energy blockchain industry in the global market through strategic partnerships with companies like Energo Labs.”
In addition to exploring various commercial projects in downtown Seoul, Enernet and Energo Labs will collaborate with top-ranking Seoul National University to establish a blockchain energy research and development office at SNU’s Smart Eco Microgrid Center. The companies will also work with SNU to develop a blockchain-based campus microgrid, the first of its kind to be announced in Korea.
“We are certainly looking forward to hosting the nation’s first public blockchain-based campus microgrid and a new energy R&D office at SNU,” said Dr. Hyun-Kyo Jung, Professor of Electrical Engineering and President of the Korea Electrical Engineering and Science Research Institute at Seoul National University. “Energy blockchain technology has the potential to mitigate a diversity of serious energy and air pollution-related challenges that Korea faces today, and SNU is eager to utilize our campus resources and academic strengths to further accelerate the development of these decentralized renewable energy platforms.”
Taking into account the country’s carbon emissions issues, receptiveness to innovative technology, and acute energy needs, companies like Enernet and Energo Labs see a critical opportunity to establish Korea as a global leader in the decentralized clean energy industry.
“South Korea provides the perfect backdrop for energy blockchain systems, so we are beyond thrilled to have the chance to implement our solution in Seoul with Enernet and SNU,” said Energo Labs’ COO Kaikai Yang. “We’re confident that Korea will be instrumental in leading the world toward a smarter and more sustainable energy future.” ∎
