European blockchain start-up FlexiDAO’s energy traceability solution is to be offered in conjunction with Altenex Energy’s Insights.
Through the partnership, Altenex Energy, an Edison Energy company that supports large corporate, industrial and institutional customers in the transition to net zero, is enabling users of its Insights platform to have access to FlexiDAO’s hourly energy data.
The Insights platform is designed to give users transparency on power and natural gas procurement, with access to offers and bids and spend and settlement reporting.
The addition of FlexiDAO’s data is intended to ensure that users are able to access renewable energies on a 24/7 basis, compared with the possibly around 60-70% obtained through traditional energy attribute certificate purchases.
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FlexiDAO collects data from consumers, utilities and grid operators in order to enable an analysis of electricity supply and demand on an hourly basis. The Altenex advisory team then uses this data to identify gaps in carbon-free energy supply and find solutions to avoid the use of fossil fuels.
“Many energy buyers still simply purchase Guarantees of Origin on a yearly basis, and then get their environmental goals evaluated on that same time scale, which does not align with the physical reality of electricity grids” comments Andor Savelkouls, Altenex’s Senior Director, European Energy Advisory, based in Utrecht, Netherlands.
“The difference between that approach and this new system is that if you match your supply and demand on an hourly basis, you have a more accurate understanding of which parts of the year you are really running ‘green.’ Then you can work with us to fill the gaps and improve your percentage of renewable energy use.”
The partnership focussed primarily on Europe and the US follows FlexiDAO’s securing $6.5 million in Series A funding, with backers including Google and Microsoft, to grow its global footprint and product offering.