- China-based, publicly-listed, Narada has the second-largest energy storage capacity in 2017, with operations in over 150 countries globally.
- Narada will implement Electrify’s blockchain solutions in energy trading and IoT energy tracking across APAC.
- Electrify’s proprietary “Power Pod” hardware runs a real-world application of Blockchain technology.
SINGAPORE, 1 June 2018 – Narada Asia Pacific Pte Ltd. (Narada), a subsidiary of China-based Narada Power Source Co., Ltd. and the second-largest energy storage solutions provider in the world in terms of storage capacity, has signed a partnership agreement with ELECTRIFY, Southeast Asia’s first retail electricity marketplace and energy blockchain startup.
As part of the agreement, Narada will leverage ELECTRIFY’s technology to enable traceability, real-time trading, and optimization of distributed energy storage assets across its operations in APAC, with a view to deploying solutions in Singapore, Australia, Japan, and Cambodia in 2018.
Under the terms of the partnership, ELECTRIFY will deploy its PowerPod technology in Narada’s energy storage platforms. The IoT (Internet-of-Things) enabled PowerPod to capture and presents data on a dashboard in real-time, providing Narada with the ability to accurately track the movement and price of energy against the spot price of electricity in the market.
Martin Lim, Co-founder and COO of ELECTRIFY said: “We believe the future of energy sustainability starts with smarter and more efficient energy ecosystems. This belief has guided the development of our technology and solutions. We are pleased to be able to work closely with Narada and they share our vision of building smarter, cleaner energy systems that will serve the grid more effectively.”
A timely move, as Singapore enters full liberalization of its energy market in the second half of 2018, and is in line with Singapore’s pursuit of energy efficiency. Narada and ELECTRIFY are also jointly exploring potential business and investment opportunities in solar Power Purchase Agreement (PPA) initiatives and will run a pilot project involving the installation of solar panels on residential and commercial rooftops.
Jonathan Tai, a spokesman at Narada said: “Narada remains deeply committed to building a clean and sustainable environment, seeking to achieve a balance between the economy and ecology through innovative use of energy storage technology. Together with ELECTRIFY, we are confident in achieving this vision, introducing greater energy intelligence to the Asia Pacific market.”
- Founded in 1994
- China-based, publicly listed company.
- Second largest energy storage solutions provider in the world in terms of storage capacity
- Global revenues surpassed US$1.376 billion in 2017
- Offers system solutions and operation services for power generation storage and recycling
Founded in 1994, Narada Power Source Co., Ltd. is a leading battery manufacturer and global battery supplier of the world. Narada is based in Hangzhou in Zhejiang province and has established a global sales and services network in more than 150 countries.
- Founded March 2017
- S$10M in revenue with 60Gwh of electricity transactions to date.
- Closed one of Asia’s largest seed fundraising rounds of $30M
- Signed partnership with TEPCO (World’s 4th largest power company)
- Member of the Ethereum Community Fund (ECF).
- Partnership with Tokyo Based NEUTRINO Japan’s first Blockchain-based coworking space
ELECTRIFY is Southeast Asia’s first marketplace for electricity retail, established to address the need for transparency and efficiency against the backdrop of increasingly liberalized electricity markets in Asia. Leveraging future-ready technology and an innovative payment and transactional model, ELECTRIFY is poised to play a significant role in the regional energy landscape for years to come, with imminent plans in the pipeline to adapt their methodology and blockchain technology for expansion into Asia Pacific and the rest of the world.