Machine learning startup Verv, currently conducting an Initial Token Offering, has executed the UK’s first physical trade of energy on the blockchain at Hackney’s Banister House Estate, using its renewable energy trading platform.
The aim of the trial, currently underway in collaboration with Repowering London, is to enable residents to benefit from local renewable energy sources and bring down their energy bills, with a view to working towards creating a fully empowered, almost self-sustaining community.
The trial, which has been shortlisted for the Ofgem Regulatory Sandbox and has received a significant grant from Innovate UK, is currently in phase 1, with the first trade having taken place in the community on Wednesday afternoon through Verv’s energy trading platform.
The trade took place on the pioneering Hackney Banister House Estate which has solar panels installed on 13 of the blocks of flats that make up the community. With the addition of artificial intelligence-based Verv smart hubs in participating residents’ flats, and Powervault batteries in communal areas, the platform is able to calculate the energy demand profile of homes, determine the solar energy supply in each storage battery and in turn allocate green power to residents based on their needs.