Swytch and Energy2market Partner on New 3.5Gw Blockchain Pilot in Germany
Swytch, a blockchain-based clean energy incentive, and the Germany-based Energy2market GmbH (e2m), a leader in aggregated energy trading throughout Europe, today announced a pilot program which includes roughly 3.5Gw of solar, wind, hydro and biogas energy capacity in Germany, which is enough to power over 500,000 homes. As part of the large-scale pilot, Swytch is testing its first versions of the data flow, blockchain, dashboard, estimators, token allocation models and other key parts of the platform.
Swytch is also announcing today its public token sale. To sign up, visit Swytch.
Swytch is a blockchain-based platform that tracks and verifies the impact of sustainability efforts and actions on the worldwide level of C02 emissions.
Swytch leverages smart meter and blockchain technology to reward the companies and people who reduce carbon emissions the most. At the core of the Swytch solution is an open-source "Oracle" that uses artificial intelligence and machine learning to determine how much carbon is being displaced and therefore how many Swytch tokens to award. As a result, producers of renewable energy create Swytch tokens by generating solar, wind and other forms of renewable energy. e2m perceives Swytch's approach to tokenized incentives in the energy market as particularly attractive to the larger energy producers and traders it serves.
"We firmly believe that blockchain technology can be used to unlock long-term value for Europe's renewable energy assets," said Andreas Keil, CEO of Energy2market. "Today, renewable energy represents 32 percent of the total energy market in Germany, but we have a goal of reaching 70 percent by 2050. Government-based incentive programs can only do so much, and a more dynamic option is needed. Additionally, some countries, like Germany, will begin phasing out their incentive programs in the next few years. We need to prepare for the future and identify new subsidy instruments and trading mechanism."
This partnership will allow e2m to gain insight into alternatives to existing incentive programs and leverage blockchain, which has security and immutability, making it an ideal technology to help reshape an industry that relies on timely and accurate data. Additionally, e2m believes that Swytch, as a global incentive program and data source, has the ability to empower governments, cities, corporations and individuals to take a more active role in accelerating the adoption of renewable supply and sustainability programs. A partnership with Swytch will create a competitive advantage as buyers and sellers of energy gain access to higher quality data in addition to an incentive that will be effective across geographic barriers.
"Just as blockchain is applicable to supply chain management and verification of physical assets, it is also beneficial for recording and tracking environmental attributions," said Evan Caron, co-founder and managing director of Swytch. "When compared to existing programs this will drastically reduce fraud and administrative costs as well as open up incentive mechanisms to residential properties, which are the key to accelerated adoption of renewables. This positions Swytch as a central player in the global grassroots movement to reduce carbon emissions."
As an independent trading company operating throughout Europe, Energy2market GmbH (e2m) specializes in managing and optimizing dynamic portfolios and marketing the flexibility derived from decentralized generation and consumption systems. With a marketed generation capacity of renewable energy of more than 3,500 MW in Germany, e2m is in that region one of the biggest providers of market access services. It has the infrastructure required for marketing flexibility as well as access to all German and to international trading markets. As an international group, e2m has subsidiaries in UK, Poland, Austria, Italy, and Scandinavia. Read more: www.e2m.energy
Austin-based Swytch is a blockchain platform that tracks, verifies and rewards those reducing the global carbon footprint. An Open "Oracle" at the heart of the system acts as a distributed authority, awarding Swytch tokens to people, companies and organizations that make a meaningful and measurable difference in reducing emissions. For more information, visit Swytch.io or follow Swytch on Telegram, Medium and Twitter.
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