Blockchain-enabled energy trading platform Power Ledger has completed a trial that monetises electric vehicle charging infrastructure.
The trial tracked and managed the Low Carbon Fuel Standard (LCFS) credit generation from solar panels and charging infrastructure, creating the potential for tokenised carbon credit trading.
Power Ledger co-founder and chairman Dr Jemma Green said the trial was a pioneering project and created a template that could replace the existing lengthy, manual collection process.
“Power Ledger and Silicon Valley Power have demonstrated a potential use case for creating a secondary market with digital exchange for tokenizing and trading LCFS credits,” said Dr Green.
Electric vehicles represent the fastest growing sector of auto sales globally, with sales increasing by 73 per cent in 2018 and Tesla’s Model 3 Sedans the biggest seller.
“Blockchain technology creates a decentralised marketplace, enabling a more efficient and transparent method for exchanging assets, including carbon credits,” said Dr Green.
The LCFS is administered by the California Air Resources Board, and requires businesses that import or produce fuels over a set carbon intensity to purchase ‘carbon credits’ to offset emissions. Currently, this data is collected in spreadsheets and is reconciled quarterly.
“In the future, this could mean electric vehicle owners could make money out of their cars,” said Dr Green.
The trial was held at the Tasman Drive parking garage in Santa Clara, California, where Power Ledger’s blockchain platform was linked to a 370kW solar system, as well as 49 electric vehicle charging stations.
Power Ledger and Silicon Valley Power are in discussions regarding commercial deployment.