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Power Ledger, an Australian blockchain-focused electricity provider has won the global technology competition run by Sir Richard Branson.
About Power Ledger
The Perth-based Australian company was founded in 2016 and provides a blockchain-powered energy trading platform and cryptocurrency . The platform allows customers to sell and buy renewable energy and gives them access to several energy markets around the world. The platform made it to the final three in the Extreme Tech Challenge (XTC) in January 2018.
Richard Branson held an event at his Necker Island located in the Caribbean over the weekend, where he announced Power Ledge as the winner. Richard Branson has a history of lending his support and money to tech startups, he has funded 17 startups since 2010, namely for Bitcoin and drones. Furthermore, 82% of Branson’s investments are in tech.
Co-Founder Dave Martin said, “For us, it was great to even be included in that cohort, but to win was validation not just of the technology but of the challenge that we’re trying to resolve,” referring to their goal of making renewables a bigger part of the global energy network.
Through winning the competition and gaining recognition for their venture from someone as prominent in the industry as Richard Branson is, they will now have access to assets that can propel their company to greater heights. They can now access networking, mentoring and infrastructure support from world leading companies such as IBM and Amazon as well as getting endorsements from Branson himself.
Power Ledger has been a true pioneer in this area, bringing their idea, which was only an idea 9 months ago, to full fruition and showing it has a viable place in the world’s energy system.
What’s next for the winners?
In terms of what comes next, they aren’t retiring to a beachside house with their trophies, but have some pretty ambitious plans. They are currently working with a Bangkok company providing a microgrid with the intention to develop a virtual power plant in the near future. Also, they are looking at developing a carbon trading derivative platform for the city of Santa Clara in California, US.
Martin added, “Awards are just awards and they’re great but where the rubber hits the road is where it all comes together – we keep working, we keep going hard, we keep building a really capable team, and let anyone try and stop us.”