Zome and WEC to Develop Blockchain Transactive Energy Platform for Global Energy Market
ZOME Energy Networks and the World Energy Consortium announce a joint venture to develop a blockchain transactive energy protocol, platform, and eco-system
Cambridge, MA, USA, February 13, 2019-- ZOME Energy Networks, a leader in residential and commercial grid orchestration solutions, has agreed to a co-marketing, software co-development, and IP licensing agreement with the World Energy Consortium (WEC) to provide the global energy market with a blockchain-based transactive energy solution.
ZOME, founded in 2008, has deployed turnkey energy management and grid orchestration solutions for apartment towers and complexes in multiple cities with its award-winning ZOMEKIT gateway. ZOMEKIT allows building owners to save money and generate new sources of revenue from their buildings by coordinating their energy usage with the rest of the energy grid.
WEC's blockchain protocol, crypto-currency, and smart contracts solution will automate the settlement process, so energy transactors can get paid in hours rather than months as is seen today. WEC's transactive energy platform allows consumers to earn tokens with their energy IoT devices in energy management programs, solves the public-vs-private Blockchain debate holding back blockchain solutions for electric utilities, and opens up the energy market to millions of micro-energy prosumers.
ZOME will be developing the Blockchain for WEC and will integrate WEC’s technology in some of its products and solutions. WEC, based in Malta, will provide ZOME with a European sales and marketing channel, will be the owner of the IP behind the Blockchain solution on behalf of the future token holders and eco-system stakeholders, and will offer its Blockchain and tokens worldwide. WEC will have a license from ZOME for integrated control with distributed energy economics. ZOME will bootstrap the business development and eco-system creation for the Blockchain community.
WEC’s technology is already embedded in ZOMEs award-winning ZOMEKIT solution enabling any physical building to be an active node on blockchain providing automated energy bidding, measurement and validation for smart contracts. ZOMEKIT won BEST OF INNOVATIONS in the SMART CITIES category at the 2019 Consumer Electronics Show demonstrating an integrated transactive energy solution.
“Integrating real-time grid orchestration with wholesale energy pricing is pivotal to the success of transactive energy.” stated Dr. Alex Papalexopoulos, ZOME’s Chairman and CEO, “With ZOME’s expertise in energy management and control, and WEC’s blockchain technology and token economy, we are well positioned to be first to market with a real-world transactive energy platform.“
ZOME and WEC will have a pilot program launched by the end of the year with full availability in 2020.
ZOME Energy Networks
Richard A. Bennion
CMO, VP of Marketing
World Energy Consortium
About ZOME Energy Networks:
ZOME provides building owners and energy providers solutions that enable energy efficiency, revenue generation and wholesale energy trading. ZOME’s patented algorithms, designed for energy efficiency, grid-orchestration, and transactive energy, enable innovative energy programs that are a win for building owners, energy providers, and the environment.
About the World Energy Consortium:
WEC’s Transactive Energy Platform revolutionizes the relationships between customers, energy companies and the grid allowing customers either as individuals or in aggregate to actively engage in energy markets by negotiating and responding to “value signals,” based on price, demand, time of day, and other grid and market considerations.