Narada Power Source, a Chinese energy company, is bringing its Asia Pacific subsidiary together with Electrify, a Singapore startup, to deploy blockchain and Internet-of-Things technology for energy t
Narada Power Source, a Chinese energy company, is bringing its Asia Pacific subsidiary together with Electrify, a Singapore startup, to deploy blockchain and Internet-of-Things technology for energy trading and tracking across the region. Electrify operates a marketplace for electricity retail that uses blockchain to give consumers and businesses a clearer view of available contracts and faster transaction times.
The partnership relies on the PowerPod, Electrify's IoT device that monitors and verifies energy production from small-scale generators before recording the data on a blockchain. This enables peer-to-peer energy trading with documented provenance. The technology also provides insights to participants in and outside the broader ecosystem. The company released the first version of the PowerPod this month.
Under the deal, Narada will roll out Electrify's technology and hardware across Singapore, Australia, Japan, and Cambodia by year's end. The deployment includes PowerPod devices within Narada's energy store platforms, which capture and display energy data in real time. This enables Narada to track energy movement and execute trades in real time. The system also optimizes distributed energy storage management across the region.
The companies have committed to investigating solar Power Purchase Agreement opportunities together and plan to test rooftop solar installations on homes and businesses in the region.
Jonathan Tai, business development manager at Narada, said the technology gives the company tools to build an energy distribution network that supports environmental goals. "Together with Electrify, we are confident in achieving this vision, introducing greater energy intelligence to the Asia Pacific market," Tai said.
Electrify opened in 2017 and raised US$30 million through a token sale in March, one of the largest from any Singapore company at the time. The startup reports generating S$10 million in revenue and processing 60 gigawatt-hours of electricity transactions so far. The companies are discussing expansion into Japan.
