The US department of energy (DOE) awarded a grant of 1.05 million USD to energy company ComEd, the University of Denver, Virginia Tech and software specialist company, BEM Controls. These companies are working as an organization to commercialize a blockchain-based energy transaction platform. This grant was given to enhance energy efficiency in buildings, and to promote a new blockchain-based energy marketplace.
The news broke out from a press release by ComED. The United State Department of Energy (DOE) is showing great interest in blockchain in energy grid applications. The energy companies are bringing distributed energy resources in their systems to innovate energy services. In April, the DOE announced a partnership with Colorado-based security firm Taekion to deploy blockchain in power-plant security.
BEM Controls is developing software to enhance energy efficiency and this grant is a continuation of that project in which new blockchain-based system for smart management will be developed. The ComED company will use its Grid of the Future Lab to demonstrate the new system’s functionality and it will be developed over three years.
BEM Controls selected blockchain due to its recognized ability to ensure security for a broad range of transactions and energy platforms like these, are gaining attention for their potential to manage volatility caused by the growth of distributed energy resources.
Terry Donnelly, President and Chief Operating Officer of ComED, about this project said:
Energy management technology has the potential to make a very positive impact on the environments in which we live and work. ComEd’s Grid of the Future lab will play an important role in advancing science in this field and support our efforts to deliver a premier customer experience.
Dr. Amin Khodaei, Chairman of the Electrical and Computer Engineering Department at University of Denver commented:
The growing proliferation of distributed energy resources calls for advanced management frameworks that support peer-to-peer communications while being fast, scalable and secure. Now is the time to develop and demonstrate the technologies that can make a more sustainable and resilient future possible.
The ordinary building automation systems can reduce power consumption but they are too expensive to afford and BEM Controls is breaking this barrier. It is an software-only company that integrates devices from top vendors and allows consumers to actively monitor energy usage, run analytics and control energy systems giving a total energy management solution.