Due to high electricity bills in the United Kingdom, many of its citizens choose to install their own renewable energy-generating units in order to cut on costs. But for a sizable low-income population in the country even this isn’t an option.
Verv, which is a subsidiary of its mother company Green Running, is building a green energy trading platform to offer an affordable alternative to those underprivileged and about everyone else. Supported by government grants, the project is a member of the Repowering London initiative.
Verv’s P2P energy trading system is designed to combine deep learning artificial intelligence technology with the blockchain. The team’s goal is to allow consumers who have renewable energy assets (like rooftop solar panels) and storage to sell surplus power directly to neighbors, who at the same time are users on the platform, using Verv’s tokens. The aim is to give access to low-carbon electricity to those who currently cannot afford traditional renewable products.
“With a focus on reducing the electricity bills of lower income households in particular, our aim is to facilitate an energy system where cheaper, greener energy is readily available,” said Peter Davies, Founder and CEO of Verv.
Supported in part by Innovate UK’s Energy Entrepreneur’s fund, the team at Verv has already got tangible results. They are working on two government-backed P2P energy trading projects. On one of the trial projects, they are currently implementing the UK’s first blockchain-based peer-to-peer (P2P) energy trading community on London social housing using the Verv platform. They have recently processed the first token transaction using the Verv platform.
The teams goal is to start from the UK and further down the line, roll-out its services across Europe with a focus on social housing.
The technology powering Verv
Verv’s platform is operated by the use of the Verv smart hub which offers a comprehensive real-time overview of a home’s electricity consumption. The hub creates a user profile for each home based on its historical consumption using machine learning.
The Verv hub also AI capabilities to analyze satellite-generated cloud cover and opacity data that enables the platform to forecast how much solar energy will be generated throughout the day. This data will allow the hub to anticipate energy supply and demand, and will help users to ensure energy is traded at times when it’s the cheapest.
Upcoming main token sale
The Verv platform is using VLUX (VLX) ERC20 tokens.
The team plans to start the main token distribution sale on May 28th 2018.
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