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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - GET (Green Energy Tracker. The international tracking system for guarantees of origin, green energy certificates and green labels)

Teaser

Summary

Megavatio Control S. L. (MEGAVATIO) was founded in 2012 by two young entrepreneurs. The first innovation brought to the market consisted in a supervisory control and data acquisition (SCADA) web-based to control and monitoring solar plants. Other innovations include tools for energy consumption control and a web-based SCADA for industrial processes. Thanks to our expertise developing innovative SW to solve energy industry challenges, our company is experiencing a rapid development. Now, we are bringing our most disruptive innovation to the energy market: The Green-Energy-Tracker, a business idea that won Siemens start-ups competition in Spain in 2016.
THE GREEN-ENERGY-TRACKER (GET): is a system based on a blockchain designed to verify the source of electricity. Thanks to its capability to provide transparent and verifiable records, GET will be the first trustable solution to determine the source of electricity. Therefore, it makes possible issuing renewable energy Guarantees of Origin (GoOs) with absolute certainty, assuring the traceability of any kind of green labels (GoOs, but also any other such as certificates). GET makes possible to reliably and securely trace back the energy consumed to the real production point. Consumers will know for sure where their electricity comes from, and energy producers will be able to track & trace their green energy production.
The business opportunity relies on the need of a solution to accurately track the green energy certificates from their point of creation to their final point of use. The lack of certificate trackers in the market, give us a first-mover advantage to become the standard system for energy origin certification, tracking and tracing. Indeed, current solutions are unable to ensure customers that they are using green energy and unable to ensure producers that their green energy has been sold.

Work performed

During this feasibility study we could assess that GET is viable from all perspectives:
â€¢ Technical: Successful field-testing participating real producers & traders, and with faithfully simulating real operational conditions. This served to prepare a thorough work-plan where we have considered all potential risks and prepare contingency/mitigation actions.
o We studied the regulatory and operational environment and derived the final technical specifications of the platform.
o We studied the international patent landscape and concluded on GETâ€™s freedom to operate.
o We defined the right technical specifications for the devops infrastructure and the APIs layers to satisfy all targeted usersâ€™ needs.
o We validated our approach with a real near-operational field tests (real producers, real traders).
â€¢ Commercial:
o We conducted a thorough market study and:
Validated that all players of the energy value chain are interested in our platform and unveiled that the key markets in the short-term will be EOCCs (and their providers) and traders.
Validated that the short-term region will be Europe, USA and Australia will be postponed to a later stage. The European market will be addressed in 3-stages: first South-Europe, then DACH region, finally the rest of Europe (starting with Sweden and the Netherlands).
o Positive feedback and support from key targeted end-users: EOCCs (REE support), EOCC providers (Siemens, Circutor support), Traders (GNERA, FENIE support), solution providers (GNARUM, ENERGY-AUCTIONS support).
o Positive feedback from key stakeholders (support from the AIB, through CNMC and REE).
o We have elaborated a preliminary business plan for a fast market uptake.
â€¢ Financial: We validated the financial feasibility.
o We have built an estimated budget to implement all technical and commercial developments during a 21-month project plan, and defined needed resources (human and material) as well as subcontracts.
o We also validated our trading projections, which in the realistic scenario, project >8.6M retained earnings and RoI ~5.3)

Final results

Our novelty lies on the application of the blockchain technology to solve the energy industry challenges on the green energy certificates system. GET aims to become the main tool of a regulated market without changing the regulation or the existing certificate system. Moreover, our solution is flexible enough to adapt to any future regulatory change or regulations from other geographies outside the EU (e.g. the US, Australia).