Power Update #10 — February 2019

Dear Tribe,

Having recently completed the Synergy alpha test in Singapore, we are now charging ahead with the preparation of our beta. In this issue of Power Update, we present a summary of the successfully concluded alpha and take you through our latest product enhancements:

SYNERGY ALPHA

As you may know, Synergy is Electrify’s platform for connecting a network of solar photovoltaic systems to energy users through the main grid. It matches producers with consumers and enables real-time monitoring of energy production and consumption. Financial settlement of energy produced and consumed occurs using contracts for difference (CFDs) between producers, consumers, and retailers.

Why is this important? Synergy will enable producers to earn stable revenue from their excess electricity while offering consumers a greater selection of energy options at fairer prices. Further, by equipping households and businesses with the means to select and track the generation source of their power, Synergy will allow consumers to understand and interact with their energy supply in new, innovative ways.

In Singapore, we developed our alpha to showcase the user experience from initial account creation up to billing. We chose to deploy the alpha in Singapore due to the favorable market and regulatory frameworks as well as our team’s deep domain experience in the country.

The aim of the alpha was to demonstrate the technology behind Synergy by simulating an end-to-end use case for peer-to-peer (P2P) energy trading through Singapore’s main electricity grid and market. It was carried out in two phases: functional and useability testing. In the functional phase, we sought to create the client- and server-side scripts that would integrate PowerPod — our IoT gateway — with our live dashboards. In the useability testing phase, we focused on the user journey for our producers and consumers, enhancing visualization for data charts and optimizing the CFD settlement process.

We are pleased to announce that the alpha was hugely successful in demonstrating P2P energy trading capabilities between onboarded consumers and producers, allowing users to access customizable dashboards and view their production, consumption, and energy supply plans. Further, we were able to complete back-end IT integration with the existing infrastructure of a professionally managed industrial rooftop system, thereby demonstrating our ability to scale Synergy to much larger PV systems. With this milestone, we feel confident moving forward with our beta development. In this next iteration of Synergy, we will be refining the user experience of the platform and deploying additional features, incorporating valuable lessons and feedback from the alpha. In parallel to our work in Singapore, we will continue to conduct business development in the region, leveraging the success of the alpha to launch similar projects in other electricity markets alongside local partners.

Synergy will enable producers to earn stable revenue from their excess electricity while offering consumers a greater selection of energy options at fairer prices.

PRODUCT & TECHNICAL

Synergy
Objectives:

• Onboard producers and consumers onto the Synergy platform, allowing them to set up accounts, create/find energy plans, and enter into contracts with each other
• Demonstrate P2P energy trading capabilities between producers and consumers
• Allow producers and consumers to access real-time dashboards to view their energy production and consumption plans
• Enable producers and consumers to view their consolidated bills and make payment

Progress (Beta):

• Optimized smart contracts to store daily PowerPod readings in 30-minute blocks (deployed on Ropsten)
• Ongoing backend development of billing-settlement engine and APIs to integrate with our contract matching engine
• Ongoing frontend development to enhance user experience for charting, billing, and settlement

Blockchain Research & Development
Objectives:

• Research, develop, and test blockchain solutions to ensure that they meet our product and technical requirements

Progress:

• OmiseGO has offered our team access to their testnet and integration kit. We will be using this opportunity to evaluate Plasma’s potential to scale and meet Electrify’s use case

Marketplace
Objectives:

• Enable consumers to create their Electrify accounts, search for retailer plans, and enter into a contract with a selected retailer
• Enable retailers to create and manage power plans

Progress:

• Minor enhancements and bug fixes

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A big thank you to everyone who took the time to digest this and really understand what we stand for; we deeply appreciate your patience and trust.