Intelligent lighting systems vendor Vivid Technology has ended its two-year hunt for a blockchain-backed clean energy trading platform, partnering with Lithuania-based WePower to bolster its green credentials.
The new partnership combines ASX-listed Vivid Technology’s “back-of-meter” analytics capabilities, where each light bulb on its Matrixx platform registers power usage, with WePower’s “front-of-meter” blockchain smart contract trading platform.
Together, the pair plan to identify and validate customer site energy performance, and use the data they collect to develop smart contracts that should maximise savings from customers’ existing energy purchasing contracts.
While the blockchain element might be overkill at this stage, companies with large electricity bills and extensive lighting setups have expressed interest in internet-of-things enabled “lighting-as-a-service” as a way to reduce costs.
Origin Energy is one such company to deploy Vivid Technology’s LaaS system, following a number of other blue chips like Linfox, Arnotts, Woolworths and Coco-Cola Amatil.
The savings are derived from connecting high-efficiency LEDs to other systems monitoring things like ambient light levels, temperature, and activity.
In a release to the ASX on Thursday, Vivid Technology said both parties will seek to develop and commercialise market offerings in Australia based off the memorandum of understanding they’ve recently signed.
“Both companies share very similar mindsets in looking to tangibly provide new technology leading solutions aimed at reducing the use and cost of energy for our customers,” Vivid Technology managing director Samuel Marks said.
“As we consider the impact of Lighting-as-a-Service, along with solar energy Power Purchase Agreements, this opportunity provides more flexibility and better returns for both our customer bases.”
WePower CEO, Nikolaj Martyniuk, added that the partnership should see savings “on both sides of the meter and achieve multiple goals corporate clients have at the same time,” such as sustainability initiatives.