SWTCH Energy and Opus One Solutions tackle barriers to electric vehicle adoption by using blockchain-based technologies to reduce transactional costs.
Toronto, Ontario – November 10, 2020 – SWTCH Energy Inc., a leading provider of electric vehicle charging and energy management solutions, and Opus One Solutions, a leading provider of transactive and distributed energy management software, announced today that they are working together to implement a blockchain-based electric vehicle (EV) charging management platform to reduce the transactional cost of EV charging and materially enhance grid efficiency.
Through their partnership, SWTCH and Opus are integrating transactive energy (TE) networks that leverage EVs as distributed energy resource (DER) assets using bi-directional vehicle-to-grid (V2G) charging and blockchain technology. The blockchain-based management platform will initially be demonstrated in Toronto, with plans for national and international expansion.
TE is a grid management approach that ensure`s proper functioning of power networks containing DER assets using both location- and time-specific price signals. Price signals are generated by a TE marketplace, designed to change end-user charging behavior in an effort to enhance grid efficiency. Blockchain works as an open distributed ledger that records transactions between multiple parties efficiently and in a verifiable and permanent way. The goal of this initiative is to promote, globally, the commercialization of innovative EV charging technologies by leveraging blockchain and V2G within transactive energy networks, ultimately reducing transactional costs of EV charging.
Academic collaborators include Dr. Srinivasan Keshav and his research group from the University of Waterloo’s Cheriton School of Computer Science. Dr. Keshav’s research group is focused on applying their expertise in blockchain-based computer networking to find innovative solutions to large-scale problems in energy systems.
This collaboration is supported by Natural Resource Canada’s Electric Vehicle Infrastructure Demonstration (EVID) Program. EVID supports demonstrations of next-generation and innovative EV charging infrastructure that address technical and non-technical barriers to the installation, operation and management of EV charging technologies. Natural Resources Canada is contributing $1M to this work, bringing total contributions to $2.6M.
By demonstrating an efficient and scalable blockchain solution to reduce transactional costs, minimize network congestion and constraints, and enhance grid efficiency, SWTCH and Opus’ transactive energy platform offers a unique value proposition to EV drivers, site operators, and utilities.
“As electric vehicle adoption grows and our energy systems become increasingly decentralized, our blockchain-based solution is poised to deliver the greatest value to all stakeholders involved in integrating EVs into the distributed energy ecosystem. We’re delighted to partner with Opus to commercialize this unique technology”, said Carter Li, CEO of SWTCH.
“We are thrilled to partner with another Canadian cleantech company to expand our transactive energy platform into the world of electric vehicles and to enable decarbonization in the transportation industry”, said Hari Subramaniam, Chief of Strategic Growth, Opus One Solutions.
“Driving clean growth, increasing competitiveness and reducing pollution. This is how we get to net-zero emissions by 2050.” The Honourable Seamus O’Regan, Canada’s Minister of Natural Resources.
SWTCH provides end-to-end EV charging and energy management solutions for high-density urban settings. Our innovative EV charging platform streamlines the charging experience for drivers while optimizing usage and revenue for site operators. SWTCH’s approach to EV charging ensures greater flexibility and scalability to meet growing demand for charging while minimizing infrastructure upgrade costs. Ultimately, SWTCH’s mission is to improve EV charging accessibility in urban multi-tenant settings and ensure effective integration of EVs in our clean energy future.
About Opus One Solutions
Opus One Solutions is a software engineering and solutions company with the vision of a digitalized, decentralized and decarbonized planet. Its intelligent energy networking platform, GridOS®, optimizes complex power flows so that it can deliver real-time energy management and integrated planning to distribution utilities and other managers of distributed energy assets. GridOS is modular, scalable, and integrates seamlessly with existing data systems to unlock greater potential for distributed energy resources, including renewable generation, energy storage, and responsive demand. GridOS also facilitates the management of microgrids — from homes to businesses to communities — for unparalleled grid resiliency and value to the electricity customer.
SWTCH Energy Inc.
Opus One Solutions