SunContract Making Last Steps toward P2P Energy Market in 2018
EIC code is a great leap ahead of the competition; Balance group to be formed before New Year
After some long and hard negotiations and a sky-high pile of documents to prove we have what it takes, we can finally make an announcement: Sun Contract’s partner in Slovenia SONCE energija d.o.o. is now in possession of an important legal instrument, necessary to be able to offer peer-to-peer energy trading in Slovenia from January 2018. A few days ago they got their very own EIC code, issued by a national power transmission company ELES. It’s “28X000000000046S” and you can look it up here. What is even more important, balance group was established — SunContract is now able to start the first P2P trading with energy.
This has been our game plan from the very beginning — backing our crypto-funded project with the hardware none of our crypto competition provides, with legal details all done and in order. We want our customers to enjoy a secure, profitable and green service without the hassle of high transaction fees or doubts about security.
From EIC code to a balance group
While quite a few companies are developing blockchain-based platforms for P2P Markets, you’d have a hard time finding one with mechanical knowledge, ready-to-ship hardware and experience as broad as ours. EIC code means we are in the “big league”, right there with companies such as EDF France or German RWE AG. We’re “a tad bit smaller”, but with the way things are turning out, we are sure to grow. In fact, any company with this question unresolved, is unable to legally buy or sell power.
The acquisition of EIC code is organically intertwined with our next undertaking: Creation of a balance group. Balance groups are virtual energy quantity accounts that balance all the actual supplies and withdrawals (physical grid connections) and energy flows between other balancing groups (commercial transactions) within a control area. This will enable our customers to buy and sell electricity.
We are a bit unique at the moment
Balance groups should be a part of any venture, striving to engage in energy market. The creation of a balance group is tightly linked to SunContract joining the club of electricity agregators. Transfer of power in P2P is still based on public power grids. Integration into a balance group and becoming a power agregator is essential.
Only legal entities with all the required permissions and licenses can apply for a public permit, which is issued by different institutions in different countries, depending on which entity oversees electric power distribution and other energy — requirements.
At this point, we can confidently state that SunContract is one of the few or maybe the only crypto-funded company, partnered with a company in possession of an EIC code, created a balance group and is thus only a few days away from the open energy market.
It is crucial for us to deliver the platform in Q1 2018. Therefore we decided to start testing our platform with SONCE that could realize the first peer-to-peer trading on January 1, 2018. SONCE Group has already made a fast-real life use case of SNC token. It seems only natural to deepen such a great partnership. We are focused now on making the first peer-to-peer transactions between SONCE customers and our earliest supporters. After the testing period we are planning to open the platform to others as well.
New wallet for SNC token
We are not done yet with exciting announcements. Thanks to the great team from our fellow neighbours in Italy, the Eidoo team, SNC token has a wallet that can be used for your daily needs. The Eidoo team added all necessary information to their platform about SNC and now the SNC Eidoo wallet is prepared for you.
According to Amelia, community manager of Eidoo “Currently, Eidoo is a multicurrency wallet that allows you to store Ethereum and all the ERC20 tokens based on the ETH blockchain. But, in the near future we will also implement a wallet for Bitcoin and other digital currencies, a hybrid (and then decentralized) exchange and more tools. Our goal, in fact, is providing you a complete and encompassing way to buy, sell, convert and manage all your digital assets in one single app.” Being part of Eidoo project is a great privilege for SunContract team because it fits very well into our future needs.
You can find instructions how to use Eidoo wallet on their Medium blog.
This is it — in 2018, our dreams and plans are going live and the entire team is working really hard to prevent any hiccups. Meanwhile our early backers will become part of the system during this early-backers-only period which will give them time to test the waters before they are opened to the rest of the world.
You can tell the neighbors: testing P2P electricity market goes live on January 1st 2018.
SunContract Team wishes you happy holidays and all the best in 2018.