A world-first trial will empower consumers to tap into the full value of their rooftop solar and battery storage systems, increasing the reliability of our electricity grids and making renewable energy more competitive.
The Australian Renewable Energy Agency (ARENA) is funding GreenSync to carry out the decentralised energy exchange (deX) project, which was developed through ARENA’s ‘A-Lab’ initiative.
ARENA CEO Ivor Frischknecht said funding projects like deX was delivering ARENA’s goal of accelerating Australia’s shift to renewable energy.
“To smoothly transition to a renewable energy future, we need new technologies and markets,” Mr Frischknecht said.
“In a win for energy consumers, deX will enable owners of solar and batteries to earn extra money for helping to keep the lights on by participating in the sizeable grid services market.
“Australia has world-leading levels of rooftop solar, however there’s currently no marketplace for consumers to access the full value of these systems.
“deX is a software based marketplace that will for the first time allow households and businesses to trade the grid services their batteries and rooftop solar can provide with their local network operators.
“This could encourage more investment in solar and batteries, supporting the grid, reducing the need for infrastructure investment and ultimately reducing the cost of renewables in Australia.”
GreenSync is developing deX with open-source software and drawing on the capabilities of leading technology businesses, energy start-ups and electricity market participants. The trial could bring grid support trading into everyday utility operations and reduce the cost of these services.
ARENA is providing $450,000 funding to support the $930,200 project.
Mr Frischknecht said the project showed how ARENA’s A-Lab innovation sandbox could develop new ideas into fully fledged, funded projects.
“ARENA is building on Australia’s rich history of invention by helping local companies develop world-leading renewable energy solutions,” Mr Frischknecht said.
“deX was formed in A-Lab’s inaugural session in April 2016 and further developed in an intensive two-day workshop in July 2016.
“The A-Lab multi-stage innovation process is designed to operate in rapid cycles of ‘ideate, incubate and accelerate’. This unique approach seeks to foster breakthrough thinking on complex challenges facing the electricity sector.”
Dr Phil Blythe, Founder and CEO of GreenSync said the global energy industry was currently undergoing a major transition and the launch of deX was key to enabling the shift towards a decentralised energy system.
“Reliability of the energy system and delivering new value streams to consumers are key priorities driving deX. Homes and businesses will be able to monetise their solar and storage assets by essentially renting them to the grid when they’re most needed. deX will revolutionise peak electricity management and drive more effective investment in energy infrastructure,” Mr Blythe said.
A range of industry partners are participating in the GreenSync project: Reposit Power, Mojo Power, United Energy, ActewAGL, Australian National University, and the ACT and Victorian Governments. The pilot will initially be carried out in two locations in the ACT and Victoria.
ActewAGL will be piloting deX with batteries deployed in the ACT Government’s Next Generation Energy Storage Program. The trial will demonstrate how market-integrated batteries can address grid constraints on segments of the network with very high levels of solar PV.
United Energy will be piloting deX in the lower Mornington Peninsula, which is forecast to experience network constraints caused by peak summer demand.
GreenSync is a technology company that is part of a new generation of energy innovators using smart software control to optimise the use of energy resources in electricity grids. Through smart control and coordination, more renewable resources and battery storage systems can be integrated into the grid, and participate in the benefits they bring.
Backed by Clean Energy Finance Corporation, Southern Cross Venture Partners and other private investors, GreenSync has raised more than $13 million and has been the recipient of more than $500,000 in grants, including from the Victorian Government.
GreenSync is a member of the Clean Energy Council and Energy Efficiency Council, and clients include many of Australia’s largest energy companies, supermarket chains, manufacturers, airports, resorts and universities. For more information visit greensync.com.au.