Electrify signs MOU with GPSC to deploy Peer-to-Peer Energy Trading Platform
- Electrify signed a Memorandum of Understanding (MOU) with Global Power Synergy Company (GPSC), the flagship electricity and utility company of the PTT Group.
- This collaboration focuses on deploying Electrify’s patent-pending peer-to-peer (P2P) Synergy platform in various sites around Thailand.
- Electrify will integrate the Synergy platform with GPSC’s smart energy solution by Combined Heat and Power Producing Co. Ltd. (CHPP), a wholly-owned subsidiary of GPSC.
- Other potential business models include, but not limited to, the use of distributed energy resources (DERs), energy storage systems (ESS).
SINGAPORE — 18 May 2021 — Electrify, a Singapore-based energy tech start-up, signed an MOU with GPSC today. Signed by Martin Lim, Chief Executive Officer of Electrify and Worawat Pitayasiri, President and Chief Executive Officer of GPSC, this collaboration marks Electrify’s first business venture in Thailand. Electrify’s patent-pending P2P software — Synergy — will be integrated with GPSC’s smart energy offering of rooftop solar, floating solar, energy storage systems and energy management systems as a complete solution for new energy business models.
This partnership combines Electrify’s drive to achieve mass adoption of renewables through Synergy by working with national utility companies and GPSC’s commitment to new frameworks to support the growth of renewable energy in Thailand. Synergy will also be configurated as a supporting learning tool for practising students to explore new energy modules such as management and development of DERs, variable energy market conditions and energy trading concepts.
In this collaborative framework, GPSC will lead in the overall project management, including the installation of smart energy solution components and IoT devices. Concurrently Electrify will be responsible for developing and deploying Synergy and academic knowledge transfer to relevant parties for academic collaboration and use case extension through decentralised energy in future potential projects.
About Synergy
Synergy’s patent-pending matching engine allocates green energy from prosumers to consumers dynamically with 100% matching efficacy. A sleeving retailer supplements any unfulfilled demand. IoT meters obtain real-time energy data for immediate pairing. Contracts-for-Difference allows prosumers to enjoy higher and stable returns. As a flexible engine, Synergy allows other applications such as micro-transactions in RECs, Vehicle-to-Grid (V2G) trading, Energy Storage Systems (ESS) and Virtual Power Plant (VPP).
About Electrify
Established in 2017, Electrify is a Singapore energy company pioneering, Electrify.SG, Singapore’s first retail electricity marketplace and Synergy for country-wide peer-to-peer (P2P) energy trading. Since then, Electrify.SG transacted more than 60GWh of electricity, helping over 500 commercial and industrial companies in Singapore save a combined S$1.5 million.
Electrify’s longer-term vision to drive a sustainable energy future built around new technologies led to — Synergy — a contracting ecosystem that facilitates P2P energy trading across an existing energy grid.
After a successful trial in February 2019, TEPCO, Japan’s largest utility company, made a strategic investment in Electrify to develop Synergy further. SolarShare, the Synergy commercial pilot in Singapore, was launched with Senoko Energy and ENGIE Factory in August 2020. By April 2021, Electrify successfully achieved the goal of the first 100 paying customers with SolarShare.
For more information, visit www.electrify.asia/
About GPSC
Founded on 10 January 2013, GPSC is PTT Group’s electricity and utility flagship. Its core business to generate and supply electricity, steam and utilities to its industrial customers, including the Electricity Generating Authority of Thailand (EGAT). According to Equity MW, the total current generating capacity is approximately 5,055 MW of electricity, 2,946 tons per hour of steam, 15,400 refrigeration tons of water and 7,372 cubic meters per hour of processed water.
For more information on GPSC, visit www.gpscgroup.com/
For media enquires
Lavinia Kwek
Corporate Communications Manager
lavinia.kwek@electrify.asia
Originally posted on www.electrify.asia/
