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Electron Press Releases

 

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Electron wins UK Government Award to advance blockchain in balancing electricity markets

 

  • Landmark funding award alongside support from Siemens and National Grid
  • Electron recognised by World Economic Forum as tech pioneer 2017

 

London, 27th September 2017

 

Electron, a London-based energy tech company, today announced that it has been awarded substantial funding from the Government's Energy Entrepreneur Fund to prove how blockchain will transform the market for balancing the electricity grid.

 

The grant will enable the company to scale and integrate a blockchain trading platform that allows electricity consumers to be paid to adjust their energy consumption to balance supply and demand in a system. The opportunity is sizeable – it is a £1bn per annum market in the UK today, forecast to rise to c.£5bn by 2030 (Poyry & Imperial College, May’17) as the percentage of wind and solar capacity in the system rises.

 

Electron’s application was supported by National Grid and Siemens (on market design and technical implementation respectively) who will continue to engage with Electron for the duration of the project.

 

Unlike traditional trading platforms that match buyers and sellers on a one-to-one basis, Electron’s platform leverages blockchain technology to allow multiple parties to co-ordinate and share the value of a single consumer’s action. This will maximise the overall value and liquidity of the flexibility market, at the same time as enabling individual purchasers of flexibility to share costs. The company refers to this concept as “collaborative trading”.

 

According to Electron’s CEO, Paul Ellis, “Blockchain is not just a technology. It is a revolutionary new way of transacting business without a central intermediary. Removing this intermediary enables new, better models of co-operation on an efficient, demonstrably fair platform.”

 

Separately, Electron’s platform has also been awarded 2017 tech pioneer status by the World Economic Forum (WEF). This award is given to companies who are developing innovative solutions and are poised to have significant positive impact on business and society.

 

Fulvia Montressor, Head of WEF’s Tech Pioneer programme said: “Electron’s pioneering use of blockchain tackles the energy usage challenge by increasing transparency and providing a framework for collaboration. Solutions like this are important tools to ensure energy needs are met while environmental impacts are minimised.”

 

 

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Electron Announced as Top 30 Technology Pioneer by World Economic Forum

 

  • On Wednesday 14th June World Economic Forum (WEF) announced Electron to have been named as top 30 most promising Technology Pioneer for 2017
  • Companies are selected on their potential to significantly impact business and society through new technologies, and advance the Fourth Industrial Revolution
  • Electron leverages blockchain technologies to build decentralised asset identity and trading platforms for the energy sector
  • Past recipients of this award have included Airbnb, Google, Spotify, and Twitter. The full list of recognised Technology Pioneers can be viewed here.

 

London, 14th June 2017

 

Electron, the London-based energy blockchain start-up, has been recognised as one of the World Economic Forum’s “technology pioneers”, a selection of world’s most innovative companies.

 

Electron is redesigning centralised command and control energy systems to create more efficient, flexible and egalitarian platforms for the rapidly evolving energy landscape. Electron’s asset identity and trading platforms directly address both the potential and the challenges of distributed generation and new, data-enhanced service propositions.

The World Economic Forum’s Technology Pioneers community are early-stage companies from around the world that are involved in the design, development and deployment of new technologies and innovations, and are poised to have a significant impact on business and society. The 30 technology pioneers that made it to the final selection are active in artificial intelligence, augmented reality, autonomous vehicles, biotechnology, blockchain, cybersecurity, the (industrial) internet of things, and other pioneering technologies.

 

“We welcome Electron in this group of extraordinary innovators,” says Fulvia Montresor, Head of Technology Pioneers at the World Economic Forum. “Electron’s pioneering use of blockchain tackles the energy usage challenge by increasing transparency and providing a framework for collaboration. Solutions like this are important tools to ensure energy needs are met while environmental impacts are minimized.”

 

“We are extremely excited to be joining World Economic Forum’s Tech Pioneer community”, says Electron’s co-founder & CEO Paul Ellis. “WEF has been a significant early proponent for blockchain technology and we are proud to be recognised for such a prestigious honour by the team.”

 

Joanna Hubbard, COO & co-founder of Electron explains that “traditionally energy has been deeply centralised industry, with power flowing one way from large-scale generators down to passive end consumers. However new renewable generation, storage and IoT technologies have disrupted this unidirectional power flow and will change grid economics permanently. Blockchain presents a network of trust capable of tying those distributed physical assets to digital ones. It enables new models for co-ordination and co-operation, driving transparency right down to the outer reaches.”

 

The Technology Pioneers were selected by a selection committee of more than 60 academics, entrepreneurs, venture capitalists and corporate executives. Notable members of the committee include Geoffrey Moore (Adviser, Geoffrey Moore Consulting, USA), Yossi Vardi (Chairman, International Technologies, Israel) and Lee Sang-Yup (Distinguished Professor and Dean, Korea Advanced Institute of Science and Technology, Republic of Korea). The committee based its decisions on criteria including innovation, potential impact and leadership. Past recipients include Airbnb, Google, Kickstarter, Mozilla, Palantir Technologies, Scribd, Spotify, Twitter and Wikimedia.

 

 

All info on this year’s Technology Pioneers can be found here.

More information on past winners can be found here.

 

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Former Npower CEO joins board of energy blockchain startup

 

London, 30th March 2017

 

Electron, the London-based energy blockchain development company, is pleased to announce that Paul Massara, CEO of North Star Solar has been appointed a Director. Paul was previously CEO of RWE npower, a RWE Ag executive committee member and on their innovation board. Prior to this he was on the executive committee of Centrica plc.

 

Electron is a startup harnessing new blockchain technologies to design more efficient, resilient and flexible systems for the energy sector. The company designs platforms and services that empower the industry to address the challenges and maximise the potential of new technologies such as distributed generation and storage, as well as older technologies such as registration services.

 

Electron’s CEO, Paul Ellis commented, “We are delighted to welcome Paul Massara as a director. He will bring invaluable industry and business experience to the company. This is also a testament to the growing recognition within the energy industry of the opportunity afforded by blockchains to speed innovation and cut costs. Both of which will be good news to consumers.”

 

Paul Massara said: “I am really excited about joining the Board and investing in Electron. It is clear that blockchain will disrupt many markets including the energy market and having scanned the market, it was clear that Electron will be a major player."

 

Recognising the potential for blockchain to transform the shared virtual infrastructure of the energy industry, Electron is taking a top down, collaborative approach to platform development by working with various key stakeholders across the energy industry.

 

The announcement follows the news in December 2016 that Electron has successfully developed and scaled a blockchain registration platform for electricity and gas meters capable of executing supplier switches. It is believed to be the first energy blockchain platform scaled to a national level, using data simulating 53 million meters and 60 suppliers.

 

-Ends-

 ____

Blockchain sparks new opportunity in the energy sector

 

London, 14th December 2016

 

London based technology company, Electron, has announced the development of a registration platform for electricity and gas meters. This platform is built on a blockchain and capable of supporting the reduction of supplier switching time from 17 days to mere minutes. The company sees this platform as a first step in harnessing blockchain technology to transform the virtual infrastructure of the energy industry.

 

Blockchain technology enables reliable coordination between multiple parties without the need for a central coordinating entity. The result is a transparent and cost effective platform, secured by cryptography, on which all interactions and exchanges between stakeholders can be verified.

 

Most news and investment in blockchain to date has been focussed on the financial sector, however Electron believes that some of the most significant multi-party use cases will be seen in the energy sector.

“Advances in renewable generation and storage technologies have complicated energy transmission and distribution systems” explains Joanna Hubbard, Electron’s COO. “The one way flow of power from coal plant to consumer is no more and the physical infrastructure of the grid has to adapt to increasingly distributed energy production. Blockchain technology will allow the virtual infrastructure of the grid to follow suit and transition to a decentralised model capable of local optimisation and significant cost and carbon efficiencies.”

 

Electron’s blockchain platform was originally conceived in response to Ofgem’s call to provide customers with a next day service for switching energy suppliers. Backed by an Innovate UK grant, the platform has been built on the Ethereum blockchain and populated with simulated data from 53 million metering points and 60 energy suppliers, to represent the UK situation. Scale out tests have shown it to be capable of executing switches over 20x faster than could be required by the current switching rate, providing ample scope for growth.

 

Moreover, Hubbard believes that a blockchain solution will not only unlock functionality well beyond that of a typical database solution, but will also lay the foundations for households to participate in peer to peer energy and flexibility₁ trading. The company is currently in talks with several big energy players to take this platform to the next stage of development. "This technology has the potential to deliver huge advantages and cost savings across the value chain of the industry" Hubbard continues, "but to maximise its potential it should be a collaborative initiative."

 

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Upcoming Events

 

Past Events

Jo-Jo spoke at WIRED Energy 2017: alongside a host of other energy thought leaders and innovators. More information about the event can be found here.

In early October we went to Amsterdam for European Utility Week. We were chosen to participate in their 'Top Energy Startup' Competition, which we then won. See a video of Jo-Jo at the event here.

Also in early October, Paul headed to Spain to paricipate in the blockchain solutions forum - a huge event running jointly alongside ICO and IOT conferences. See a short clip of Paul's speech here.

Jo-Jo was invited to give a short, sharp "Codex Talk" at the Worlds Top 50 innovators event in late September. The full video presentation can be found here, and more general information about the event can be found here.

In September Paul flew out to Taiwan to the World Congress of  IT, which is held in conjunction with WITSA's Global ICt Excellence Awards, where Electron was honoured with the "WITSA Energing Digital Solutions" Award. More information about the programme can be found here.

 

Event Horizon

Jo-Jo presented at the Global Summit on Blockchain Technology in the Energy Sector at the Event Horizon conference, on the 13-15 February this year. Watch her presentation here.

 

 

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Electron Press Releases

 

Jump to:

 

 

____

Electron wins UK Government Award to advance blockchain in balancing electricity markets

 

  • Landmark funding award alongside support from Siemens and National Grid
  • Electron recognised by World Economic Forum as tech pioneer 2017

 

 

London, 27th September 2017

 

Electron, a London-based energy tech company, today announced that it has been awarded substantial funding from the Government's Energy Entrepreneur Fund to prove how blockchain will transform the market for balancing the electricity grid.

 

The grant will enable the company to scale and integrate a blockchain trading platform that allows electricity consumers to be paid to adjust their energy consumption to balance supply and demand in a system. The opportunity is sizeable – it is a £1bn per annum market in the UK today, forecast to rise to c.£5bn by 2030 (Poyry & Imperial College, May’17) as the percentage of wind and solar capacity in the system rises.

 

Electron’s application was supported by National Grid and Siemens (on market design and technical implementation respectively) who will continue to engage with Electron for the duration of the project.

 

Unlike traditional trading platforms that match buyers and sellers on a one-to-one basis, Electron’s platform leverages blockchain technology to allow multiple parties to co-ordinate and share the value of a single consumer’s action. This will maximise the overall value and liquidity of the flexibility market, at the same time as enabling individual purchasers of flexibility to share costs. The company refers to this concept as “collaborative trading”.

 

According to Electron’s CEO, Paul Ellis, “Blockchain is not just a technology. It is a revolutionary new way of transacting business without a central intermediary. Removing this intermediary enables new, better models of co-operation on an efficient, demonstrably fair platform.”

 

Separately, Electron’s platform has also been awarded 2017 tech pioneer status by the World Economic Forum (WEF). This award is given to companies who are developing innovative solutions and are poised to have significant positive impact on business and society.

 

Fulvia Montressor, Head of WEF’s Tech Pioneer programme said: “Electron’s pioneering use of blockchain tackles the energy usage challenge by increasing transparency and providing a framework for collaboration. Solutions like this are important tools to ensure energy needs are met while environmental impacts are minimised.”

 

-Ends-

____

Electron Announced as Top 30 Technology Pioneer by World Economic Forum

 

  • On Wednesday 14th June World Economic Forum (WEF) announced Electron to have been named as top 30 most promising Technology Pioneer for 2017
  • Companies are selected on their potential to significantly impact business and society through new technologies, and advance the Fourth Industrial Revolution
  • Electron leverages blockchain technologies to build decentralised asset identity and trading platforms for the energy sector
  • Past recipients of this award have included Airbnb, Google, Spotify, and Twitter. The full list of recognised Technology Pioneers can be viewed here.

 

London, 14th June 2017

 

Electron, the London-based energy blockchain start-up, has been recognised as one of the World Economic Forum’s “technology pioneers”, a selection of world’s most innovative companies.

 

Electron is redesigning centralised command and control energy systems to create more efficient, flexible and egalitarian platforms for the rapidly evolving energy landscape. Electron’s asset identity and trading platforms directly address both the potential and the challenges of distributed generation and new, data-enhanced service propositions.

The World Economic Forum’s Technology Pioneers community are early-stage companies from around the world that are involved in the design, development and deployment of new technologies and innovations, and are poised to have a significant impact on business and society. The 30 technology pioneers that made it to the final selection are active in artificial intelligence, augmented reality, autonomous vehicles, biotechnology, blockchain, cybersecurity, the (industrial) internet of things, and other pioneering technologies.

 

“We welcome Electron in this group of extraordinary innovators,” says Fulvia Montresor, Head of Technology Pioneers at the World Economic Forum. “Electron’s pioneering use of blockchain tackles the energy usage challenge by increasing transparency and providing a framework for collaboration. Solutions like this are important tools to ensure energy needs are met while environmental impacts are minimized.”

 

“We are extremely excited to be joining World Economic Forum’s Tech Pioneer community”, says Electron’s co-founder & CEO Paul Ellis. “WEF has been a significant early proponent for blockchain technology and we are proud to be recognised for such a prestigious honour by the team.”

 

Joanna Hubbard, COO & co-founder of Electron explains that “traditionally energy has been deeply centralised industry, with power flowing one way from large-scale generators down to passive end consumers. However new renewable generation, storage and IoT technologies have disrupted this unidirectional power flow and will change grid economics permanently. Blockchain presents a network of trust capable of tying those distributed physical assets to digital ones. It enables new models for co-ordination and co-operation, driving transparency right down to the outer reaches.”

 

The Technology Pioneers were selected by a selection committee of more than 60 academics, entrepreneurs, venture capitalists and corporate executives. Notable members of the committee include Geoffrey Moore (Adviser, Geoffrey Moore Consulting, USA), Yossi Vardi (Chairman, International Technologies, Israel) and Lee Sang-Yup (Distinguished Professor and Dean, Korea Advanced Institute of Science and Technology, Republic of Korea). The committee based its decisions on criteria including innovation, potential impact and leadership. Past recipients include Airbnb, Google, Kickstarter, Mozilla, Palantir Technologies, Scribd, Spotify, Twitter and Wikimedia.

 

 

All info on this year’s Technology Pioneers can be found here.

More information on past winners can be found here.

 

-Ends-

 

Former Npower CEO joins board of energy blockchain startup

 

London, 30th March 2017

 

Electron, the London-based energy blockchain development company, is pleased to announce that Paul Massara, CEO of North Star Solar has been appointed a Director. Paul was previously CEO of RWE npower, a RWE Ag executive committee member and on their innovation board. Prior to this he was on the executive committee of Centrica plc.

 

Electron is a startup harnessing new blockchain technologies to design more efficient, resilient and flexible systems for the energy sector. The company designs platforms and services that empower the industry to address the challenges and maximise the potential of new technologies such as distributed generation and storage, as well as older technologies such as registration services.

 

Electron’s CEO, Paul Ellis commented, “We are delighted to welcome Paul Massara as a director. He will bring invaluable industry and business experience to the company. This is also a testament to the growing recognition within the energy industry of the opportunity afforded by blockchains to speed innovation and cut costs. Both of which will be good news to consumers.”

 

Paul Massara said: “I am really excited about joining the Board and investing in Electron. It is clear that blockchain will disrupt many markets including the energy market and having scanned the market, it was clear that Electron will be a major player."

 

Recognising the potential for blockchain to transform the shared virtual infrastructure of the energy industry, Electron is taking a top down, collaborative approach to platform development by working with various key stakeholders across the energy industry.

 

The announcement follows the news in December 2016 that Electron has successfully developed and scaled a blockchain registration platform for electricity and gas meters capable of executing supplier switches. It is believed to be the first energy blockchain platform scaled to a national level, using data simulating 53 million meters and 60 suppliers.

 

 

Blockchain sparks new opportunity in the energy sector

 

London, 14th December 2016

 

London based technology company, Electron, has announced the development of a registration platform for electricity and gas meters. This platform is built on a blockchain and capable of supporting the reduction of supplier switching time from 17 days to mere minutes. The company sees this platform as a first step in harnessing blockchain technology to transform the virtual infrastructure of the energy industry.

 

Blockchain technology enables reliable coordination between multiple parties without the need for a central coordinating entity. The result is a transparent and cost effective platform, secured by cryptography, on which all interactions and exchanges between stakeholders can be verified.

 

Most news and investment in blockchain to date has been focussed on the financial sector, however Electron believes that some of the most significant multi-party use cases will be seen in the energy sector. “Advances in renewable generation and storage technologies have complicated energy transmission and distribution systems” explains Joanna Hubbard, Electron’s COO. “The one way flow of power from coal plant to consumer is no more and the physical infrastructure of the grid has to adapt to increasingly distributed energy production. Blockchain technology will allow the virtual infrastructure of the grid to follow suit and transition to a decentralised model capable of local optimisation and significant cost and carbon efficiencies.”

 

Electron’s blockchain platform was originally conceived in response to Ofgem’s call to provide customers with a next day service for switching energy suppliers. Backed by an Innovate UK grant, the platform has been built on the Ethereum blockchain and populated with simulated data from 53 million metering points and 60 energy suppliers, to represent the UK situation. Scale out tests have shown it to be capable of executing switches over 20x faster than could be required by the current switching rate, providing ample scope for growth.

 

Moreover, Hubbard believes that a blockchain solution will not only unlock functionality well beyond that of a typical database solution, but will also lay the foundations for households to participate in peer to peer energy and flexibility₁ trading. The company is currently in talks with several big energy players to take this platform to the next stage of development. "This technology has the potential to deliver huge advantages and cost savings across the value chain of the industry" Hubbard continues, "but to maximise its potential it should be a collaborative initiative."