Tokyo Electric Power Company Holdings (TEPCO) has closed a 3m Euro Series A investment in Conjoule GmbH, a start-up developing peer-to-peer energy markets enabled by blockchain technology. Conjoule is developing a peer-to-peer marketplace for producers and consumers of renewable energy, as well as owners of batteries and other sources of flexibility, to transact with each other without the need for traditional intermediaries.
The platform and launch product which allows residential prosumers with solar photovoltaic installed on their homes to sell excess electricity to local consumers are currently being piloted in two German cities.
"Blockchain technology will redefine what is possible within the energy ecosystem," said Shin-ichiro Kengaku, Managing Executive Officer and Chief of the Global Innovation & Investments at TEPCO. "We look forward to partnering with Conjoule and the innogy Innovation Hub to gain hands-on experience and drive the transformation of the energy industry."
"Conjoule has a clear vision to create tomorrow's energy system: it's decentralised, digitised and customer friendly. It follows the idea of the 'sharing economy' where consumers can buy energy directly from their neighbourhood via Conjoule's platform," said Thomas Birr, Senior Vice President Innovation & Business Transformation of innogy SE and leading the innogy Innovation Hub.